This seems to be exactly the info I am looking for here...any more details?

[missd]

In brief, we have approximately 81k in unsecured debt, a vehicle that we owe 19k on our 1 vehicle that is worth 23k. We are also in the midst of a lawsuit where we will potentially lose 20k at the most.
We were relocated with my husbands job and now his company will not buy the home anywhere near what we owe. Our first mortgage we owe approx 276, on the second we owe 68k and it is appraising at 320k now (when we did the second it came in at 350k 2 years ago). We cannot hang on to our home any longer, are already renting and are going to file a 13 (do not qualify for 7).
Now for the question....there will be a deficiency on the home when it goes into foreclosure, will that be rolled into the 13 or will the 2nd be able to come after us for that in addition to us making chpt 13 payments?

[missd]

Not keeping our home, filing for a chpt 13

I posted this as a reply, but then realized it may be better to ask on my own thread.....

In brief, we have approximately 81k in unsecured debt, a vehicle that we owe 19k on our 1 vehicle that is worth 23k. We are also in the midst of a lawsuit where we will potentially lose 20k at the most.
We were relocated with my husbands job and now his company will not buy the home anywhere near what we owe. Our first mortgage we owe approx 276, on the second we owe 68k and it is appraising at 320k now (when we did the second it came in at 350k 2 years ago). We cannot hang on to our home any longer, are already renting and are going to file a 13 (do not qualify for 7).
Now for the question....there will be a deficiency on the home when it goes into foreclosure, will that be rolled into the 13 or will the 2nd be able to come after us for that in addition to us making chpt 13 payments?

[StartingOver08]

You can surrender the home in the Ch 13 and that will cancel the debt. Once you are discharged the 2nd can not come after you for payments.

[missd]

That is exactly what I needed to know. Thank you so much for that info!

[lrprn]

Missd, I placed your question into a new thread so you wouldn't hijack the original one. You'll get more answers this way too.

[Then I saw you started your own new thread already, so I merged the two threads so the answers would all be in one place. -lrprn]

Let's see...

We cannot hang on to our home any longer, are already renting and are going to file a 13 (do not qualify for 7).

How do you know you don't qualify for a 7? Income way above the median for your state? Or have you filed a 7 and been discharged within the last 8 years?

Now for the question....there will be a deficiency on the home when it goes into foreclosure, will that be rolled into the 13 or will the 2nd be able to come after us for that in addition to us making chpt 13 payments?

A question first - has your lender already put you into foreclosure?

Also I saw that you have the potential to lose a lawsuit soon. If the lawsuit is decided before you file and it's not a criminal or fraud case, then it's possible the lawsuit could become a part of your 13. If the lawsuit is decided after you file, then you will be responsible for paying it in total (although it could cause your lawyer to file a modified case for you or you could shift to a Ch 7 if that happens depending on the amount you have to pay). Is there anyway to delay filing until this case is decided?

Have you spoken with any experienced bankruptcy lawyers in your area yet about your situation?

[missd]

Much better...thanks for doing that. No hijacking was intended there!
It looks as if a 7 will not work with our income but that was before factoring in a foreclosure as well. I am not sure how that affects it if at all.
We are going into mediation in April with the suit and yes apparently it does state fraud, which both their attorney and our attorney says is ridiculous an should not be there but these people will not back down.
I don't know how long we can delay filing...if we can wait I would prefer it if it would help but ??
We have spoken to an attorney in Iowa for our bankruptcy, but then moved and now we are finding a new one. Our attorney for the suit said that based upon the means test a 7 would be tricky, very tricky. He also said that if we lose the 13 altogther (fraud included) then it should fit into the 13 but again who knows.
I am going to call some attorneys today in the area and see what info I can get regarding this one.
Oh and no, we are not late on our home yet. March will be the first month we miss on our 1st and 2nd on that home.