Surrendered house from the beginning. Our papers said the stay was lifted upon confirmation so they could foreclose. The auction date has been changed 2 times now. Do we have to wait 90 days after the auction actually happens or Do we only have to wait 90 days from the original auction date for a deficiency judgement. Our bar date has past and Yes they can amend a claim to unsecured. Our plan is 100% and was base on known debt at that time of 61K but only 3300 is what we owe as of this moment. The deficiency from the house (only a 1rst) could be 120K so I am sweating about this.
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PMoo, it's impossible for anyone here to tell you how long you may have to wait until your primary lender auctions off the house and notifies the court what the unsecured deficiency is going to be. Your lawyer should be familiar with what's happened with his/her other clients when they surrendered their houses at filing. Contact your lawyer and ask.
As you already noted, no matter what the auction price for your house is vs. what you owe on the house, that amount will convert to unsecured debt . However, the house sale and the amount of unsecured deficiency won't change your confirmed plan payment by even $1. The only thing that happens is your other unsecureds will get less payback % on their claims because now there's another unsecured creditor taking a portion out of the very same pie.
Can you help us with where your anxiety sweat about this sale is coming from? No matter when your house sells or what it sells for, the game should still play out the same way.Last edited by lrprn; 03-10-2011, 08:05 PM.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
Our plan was originally for 61K paid at 100%. Now if they do come back on us it would be 120K and yes they can change the term of our plan. We were going to pay off in 48 months(tiered payments)if this happens then they will extend out to 60 months and start questioning some of our expenses. Confirmation paper reads that it can change if needed to repay. My biggest worry is I have asked repeatedly to just save the house and we would be done in just over a year and can apply any extra to the pricipal even if we are underwater by 100K.Comment
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puggy
Your DMI wont change, your payment shouldnt go up at all since all of your debt is unsecured . The only thing that will change is what percent your unsecureds will receive, so having the mortgage added to the mix doesnt change your DMI. If you're currently at 61K @ 48 months, your payment is around $1260 - if you would've gone with 60 months vs. 48 @ 61K, your payment would be roughly $1017. If amount goes to $120K, extend it out to 60 months and the most you'll pay back to unsecured creditors is roughly $76K.
Does that make more sense to you?
Your payment will not increase.
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