urgent question re ch 13 and underwater 1st mort

[IamOld]

Guys, please answer this and PLEASE put my latest neurotic worry to rest.....

Will be finally filing for Ch 13 soon, but almost to the CH 13 limit due to stupid student loans.

From what I've read here and elsewhere, the fact that the house NOW is LESS THAN mortage [there is NO second, no lien strip etc] does NOT count against Ch 13 unsecured limit. By the way house values where I am are increasing.

PLEASE PLEASE advise!!!!!!!

[newbie2]

If I'm not mistaken the only time a home mortgage (or part of it) becomes unsecured in a Chapter 13 is if you were doing a lien strip (you're not) or if you were surrendering the home. I've never heard of a portion of a first mortgage being declared unsecured if you are keeping your home.

[IamOld]

If I'm not mistaken the only time a home mortgage (or part of it) becomes unsecured in a Chapter 13 is if you were doing a lien strip (you're not) or if you were surrendering the home. I've never heard of a portion of a first mortgage being declared unsecured if you are keeping your home.

THANKS!!!!!! That's what I've read...certainly the mort holder won't object - it's not in their interest...

[HHM]

If you are keeping the home and only have a primary mortgage, or a 1st mortgage that is underwater, you do not bifurcate the claim, the entire primary mortgage is secured even if the house is worth less than what is owed.

[IamOld]

If you are keeping the home and only have a primary residence, or a 1st mortgage that is underwater, you do not bifurcate the claim, the entire primary mortgage is secured even if the house is worth less than what is owed.

A trillion thanks HHM!! That makes me feel SOOO much better!!!!!!!!