can you include a HELOC in a ch13?

[95kindebt]

I'm a bit confused. we're filing next week, and want to make sure we're including everything possible. we are NOT late on the HELOC, but it's 98k.
Can you include it in the Ch 13, WITHOUT a lein strip?

Thanks.

[UpsideDownMI]

You do not lien strip the HELOC, you will have to continue paying on it while in your plan.

[justbroke]

Okay, now I'm confused by the question and the answer.

[95kindebt]

I'm asking, is there any benefit in listing a CURRENT HELOC in a BK 13? We can't get the balanced reduced or anything can we?
We don't qualify for a lein strip.
TIA,

[justbroke]

Okay, let's get this all straightened out.

You have no choice but to list all debt in your Bankruptcy. What you're asking is whether you can "surrender" the collateral that secures the 2nd in a Chapter 13. You're basically saying, you want them to foreclose.

Therefore, the 1st and/or 2nd would object to confirmation if they aren't either stripped on included in the Plan.

[95kindebt]

ok, thanks. We are keeping the house, so there's really nothing we can do about that98k.
Thanks!!

[daytona]

I'm asking, is there any benefit in listing a CURRENT HELOC in a BK 13? We can't get the balanced reduced or anything can we?
We don't qualify for a lein strip.
TIA,

Yes there is a benefit to including BOTH your 1st and 2nd motgage in a BK. In the event you are foreclosed on within 5yrs due to non payment then any Deficiency would be included in your Ch13 as an unsecured creditor..They will NOT be able to come after you for those debts.