Surrender House Question

[cagey]

I'm confused about how a house is surrendered at the start of a 13 plan. I'm considering this as my primary residence is a FL home that is at least 50k underwater with 2 loans (no the home's value is not less than the first mortgage; so no lien stripping). Suppose I choose to surrender the home. The first will be paid off even with the distressed amount from a foreclosure. What happens to the second mortgage? I know it gets added as unsecured, but what value do they use to create the plan? Do they get an appraisal? Do they wait for the foreclosure process to complete and then see what the 2nd lender got? Does the plan stay unconfirmed until after the foreclosure sale?
I'm new here, so sorry for so many questions!

[sofarsogood2]

More info? Loan amounts? House value? Whats your approx. DMI? How much will the addition of the 2nd as unsecured raise your trustee payment? Or do your CC balances max out your trustee payment (use all of your DMI?) These things need to be taken into consideration before you make a plan. Also, do you want the house at least for a while, or do you need to move ASAP?