rental cost

[bkstuff]

Quick question - in our county the allowable housing cost (for rent or home) is about $1700 for family of 4. Since we still live in our home (that we may lose to foreclosure or by filing CH13) what if we find a place to live that is cheaper than that after filing? In other words, if we filed CH13 near the time of foreclosure and decide we can not afford to keep our home, is that $1700/month the amount that is "assumed" will be our rent cost once the house forecloses?

[Billssuck]

This happened to us and we just modified our ch13 to surrender our home (trustee approved it). Our attorney just asked us to research on how much it will cost to rent a house and the utilities (which we did) and if it was within reason, that's what we went with. BTW in our area the IRS standard was $684 for a family of three and what I submitted was $900. I could provide proof that the $900 is legit average amount but it wasn't necessary. I'm not sure how other districts do it, but that is what mine did for me.

[bkstuff]

Thanks for sharing about your situation....I really appreciate it.'

Anyone have a foreclosure and wait to see if the second mortgage comes after you legally before filing a CH13? Love to hear other situations and how they turned out. My attorney said if we foreclose, we may NOT even have to file.

[Carter]

I foreclosed then filed because the 2nd trust started making threats to collect their money. They submitted a claim for $17,000 under my chapt. 13 and they will end up getting roughly $4,000 after my plan is done on a 60 month plan. Hope this helps.