Chapter 13 Questions - regarding surrendered property..
Hello all - Got a few questions on how surrendering property in a Chap 13 works when a foreclosure is in process and the claims deadline has passed.
#1 - Let's say the mortgage balance is 200,000 and the property value is 150,000 leaving a balance of 50,000. How does the mortgage co collect the 50,000 that becomes unsecured? (The automatic stay was lifted to allow foreclosure proceedings).
#2 - In a Chapter 13, must the mortgage co file a claim to obtain a portion of the unsecured balance on the surrendered property or is it automatic due to it's previous secured position?
#3 - Does anyone know the steps involved for determining what the actual unsecured balance portion will be? Or is this determined by what is listed in the bk papers filed? Or is it determined after the property is sold?
#4 - Here's another scenario - the claims deadline is over and all creditors did not file a claim. Now the 3 year plan can be completed in 1 1/2yrs with a 100% payback (not including the unsecured mortgage portion). Does one file an amended plan to change the terms of the plan?
#5 - This one is a bit off of the subject but I'm curious if anyone on this board has an idea of how long it typically takes for the trustee to provide a breakdown of total claims activity and total required payments to creditors?
Any info or insight is appreciated. This is great forum that has given me much help over the last few months. I really do appreciate all of the knowledgeable members and contributors. Keep up the wonderful support!
#1 - Let's say the mortgage balance is 200,000 and the property value is 150,000 leaving a balance of 50,000. How does the mortgage co collect the 50,000 that becomes unsecured? (The automatic stay was lifted to allow foreclosure proceedings).
#2 - In a Chapter 13, must the mortgage co file a claim to obtain a portion of the unsecured balance on the surrendered property or is it automatic due to it's previous secured position?
#3 - Does anyone know the steps involved for determining what the actual unsecured balance portion will be? Or is this determined by what is listed in the bk papers filed? Or is it determined after the property is sold?
#4 - Here's another scenario - the claims deadline is over and all creditors did not file a claim. Now the 3 year plan can be completed in 1 1/2yrs with a 100% payback (not including the unsecured mortgage portion). Does one file an amended plan to change the terms of the plan?
#5 - This one is a bit off of the subject but I'm curious if anyone on this board has an idea of how long it typically takes for the trustee to provide a breakdown of total claims activity and total required payments to creditors?
Any info or insight is appreciated. This is great forum that has given me much help over the last few months. I really do appreciate all of the knowledgeable members and contributors. Keep up the wonderful support!