Surrender home during chapter 13
Hi,
1 year into a Chapter 13 and I've now met the love of my life. Problem is my house is not big enough for our combined family (2 bedroom, 1 bath, 5 people).
The home was saved from foreclosure by the 13 and have about 28K in a secured claim for the arrears. If I surrender the home does anyone have specific knowledge as to whether the secured claim for the arrears goes away or perhaps is converted to an unsecured claim?
The decision to walk away from the house is made a bit easier by the fact that the value is now $50-70K under water. That's after an assumed $100K lien strip (which I assume could also be added as a new, unsecured claim now??).
Idaho FWIW.
Thanks in advance
1 year into a Chapter 13 and I've now met the love of my life. Problem is my house is not big enough for our combined family (2 bedroom, 1 bath, 5 people).
The home was saved from foreclosure by the 13 and have about 28K in a secured claim for the arrears. If I surrender the home does anyone have specific knowledge as to whether the secured claim for the arrears goes away or perhaps is converted to an unsecured claim?
The decision to walk away from the house is made a bit easier by the fact that the value is now $50-70K under water. That's after an assumed $100K lien strip (which I assume could also be added as a new, unsecured claim now??).
Idaho FWIW.
Thanks in advance
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