Ch 13 Surrender our house before final??

[ajbk]

We had our 341 a few weeks ago. We have not had the TRCC yet. Our mortage has gone up again with BOA due to shortage in escrow. It was already too high before so now we just cant afford to do this anymore. I have talked with my lawyer who still has not gotten back with us on what we are doing. Here are what my thoughts are. We have found a house someone will rent to us for the high amount we must rent for to keep the budget where it needs to be so we do not have to pay in more than what our proposed amount is. We would stop making our house payments and leave when BOA says to go. Use the money from our missed mortage payments to get in this other house. I'm sure by then I should be hearing back from our lawyer on details. I just need to make some moves to assure we have a home and by not changing the payment amount that we have to pay out for a house each month this would not change anything with the budget, rite? Am I understanding how this works?

[Billssuck]

Same thing has happened to us with BOA (formerly Countrywide). Our payment went up due to a shortage in escrow because our home owners insurance went up (I suppose partly because of our credit score). Anyway, our payment increase isn't too bad and we're swinging it so far on our own.

WRT to skipping your mortgage payments, I would wait till you talk to your lawyer before doing that. I'm a newbie at this but part of our ch13 agreement is that we keep current on our mortgage and student loans. Failure to do so could result in us getting our ch13 dismissed. Someone more experienced at this should answer you but I personally wouldn't skip any payments until you talk to your lawyer.

Weird thing happened to me about an hour ago. The realtor that I got a quick sale value on my house for my ch13 case sent me an email saying she has a buyer who would like to look at our house and could potentially pay off our mortgages. Wow...never thought I'd see that. If by chance the buyer does want our house, I will have to get ahold of our lawyer and get trustee approval to sell it. If I were to sell, I have a relative in the rental property business that would rent me a house for the IRS stated amount. But selling it still is a long shot...

Best of luck to you!