early payoff of ch13

[jerks2529]

I filed for Ch 13 seven months ago and am paying a monthly settlement of $1300 for the next 5 years for a 78K balance. Just a quick question about possible early payoff of ch13... I have a family member who would be willing to pay off the balance for me early to get me out of my financial mess. Would this be possible?

My scenario is somewhat complicated. I own a home that is worth approx $200K but also own two other rental homes that have toxic mortgages attached to them. These toxic mortgages will reset in the next two years or so and I will have significant difficulty paying these off when they do.

If I have my chapter 13 paid off early, would I be able to sell my $200K after that (I have a son that I'd like to help out who is having his own financial troubles with real estate - he may be forced into BK if I don't help him out)? If I can't come up with enough $ for the other two mortgages in my name, would I be able to foreclose on these properties (i.e. would the prior Ch13 preclude me from foreclosure)?

Any input would be greatly appreciated.

[NowImDownInIt]

Most important part of this equation is if you are in a 100% payback plan. You will have to payback 100% of your base plan in order to earn discharge and closure early.

[FishersMike]

Did you not find your 10 replies under your other post in this thread "Sale of property while in Chapter 13" helpful since it was essentially the same question?

[forgotten]

To pay off early you would need to pay all the allowed claims @ 100%. It sounds like a better bet for you would be to modify your chapter 13 plan to surrender all the properties you don't want anymore and finish out your plan.
If you wait until your 13 is over (you pay it early at 100% or finish the 5 years) and then for foreclosed on you will owe the deficiency on the properties.

[Nicollette]

I'm almost positive that you have to be in a Ch 13 at least 3 years(36 months) before an early payoff would even be considered.