I know that there have already been many posts about this subject, but I wanted to ask about our specific situation.
The mortgage on our home is paid through our Ch. 13 plan because we were behind on our payments when we filed. We are about $128K upside down on this house, and while we can technically afford the payments, we are really fed up with throwing good money after bad.
What are the implications of surrendering our home in the Ch. 13 plan? If it's foreclosed, would the deficiency be added to our unsecured debt? We are in a 100% plan, and according to our attorney, we still have some disposable income. Would we get stuck paying back the deficiency? Or, would the fact that Washington is a non-recourse state prevent that from happening?
Thanks in advance for your input!
The mortgage on our home is paid through our Ch. 13 plan because we were behind on our payments when we filed. We are about $128K upside down on this house, and while we can technically afford the payments, we are really fed up with throwing good money after bad.
What are the implications of surrendering our home in the Ch. 13 plan? If it's foreclosed, would the deficiency be added to our unsecured debt? We are in a 100% plan, and according to our attorney, we still have some disposable income. Would we get stuck paying back the deficiency? Or, would the fact that Washington is a non-recourse state prevent that from happening?
Thanks in advance for your input!
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