CH 13, house ? surrender

[bkstuff]

I have been searching so much the last week because this site is awesome. I want to make sure I understand this correctly:
If we file a CH13, we plan on having our 2nd mortgage stripped (should not be a problem). Our home would still be under water by 50k or more on our 1st mortgage. My hubby wants to keep home and I am not sure if that is the best option or not. We are 2 months late on our mortgage which would be included in a 13. What happens if during the 5 years of CH 13 we can't keep up with our mortgage payment? I would assume the bank could foreclose....how does that our affect our CH 13 and payment plan?

Thanks for any clarifications.

[jade73]

We are in the 6th month of 36 and we have already fallen behind due to car issues. The mortgage companys' lawyers filed a motion to lift the automatic stay and we are behind $2900 + lawyers fees. We had to take $900 to the lawyers office last Thursday and MUST..MUST pay out mortgage on time starting February 1st and pay an additional $233/month for 9 months for the payments we are behind on.

[bkstuff]

home

Do you know if you "could" at this point let the house foreclose and not affect the BK? UGHH...car issues is just one of the things I worry about (2 good, but older cars). thanks for your info!

[jade73]

Oh yeah I could let it foreclose. I could have threw my hands up last week and not gave them $900 and said take this money pit from me but I didnt. I'm going to do my best to stay here if it kills me. I just wish that we could be refinanced. I know my payments would be cut in half if my credit was good.

[bkstuff]

home

Glad your able to find a way to do it! Keep up the good work!

[jade73]

Been getting overtime at work occasionally. That has helped.

[atolar]

we filed ch 13 about a year ago and November 2009 our house go repossessed. I was just so tired of still struggling to make a house payment on a crappy house. now we are in a rental that's twice the size for less a month. our lawyer said that since we are in ch 13, they can't come after us for the difference (after the bank sells it).

good luck w/ whatever decision you make.