Hi everyone we have came to the conclusion of giving up our home the payment is just to much and we are about 200K under value
So at this point we have been paying 5200 per month including our home payment of 3800$ and the differance was going to my IRS bill and some to the second mortgage as well
My question is we have about 5000$ coming in monthly and if we surrender the house what will happen? will the trustee expect us to keep paying this 5000$ monthly to pay back all the unsecured creditors?
The only thing we will have after the hosue goes back is our cars that are paid off! Total they are worth about 38000.00$ would have have to just pay back 38K to my trustee then we would be done just to cover the equity in our cars?
Seems to be what I can find by searching online hoping some of you guys can help us out...
Thanks
So at this point we have been paying 5200 per month including our home payment of 3800$ and the differance was going to my IRS bill and some to the second mortgage as well
My question is we have about 5000$ coming in monthly and if we surrender the house what will happen? will the trustee expect us to keep paying this 5000$ monthly to pay back all the unsecured creditors?
The only thing we will have after the hosue goes back is our cars that are paid off! Total they are worth about 38000.00$ would have have to just pay back 38K to my trustee then we would be done just to cover the equity in our cars?
Seems to be what I can find by searching online hoping some of you guys can help us out...
Thanks
After all!