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I might have to default on home loan

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  • I might have to default on home loan

    Hello, I've been in a Chapter 13 since 2009. Our mortgage will be going up by the end of May, basically from $2000 a month to $3000. I need to know what happens if we decide to foreclose on our home during Chapter 13. I hope it doesn't come to that but if the bank decides not to modify my loan I might have too. I've been trying to think of a way to come up with the extra $1000, and the only thing I can come up with is request to have my Chapter 13 debt adjusted. Is that possible? I pay $1300 to CHP13, will they be willing to accept $300 a month. I need to know if I default on my home will they dismiss my plan? I've heard that since I pay my mortgage outside of my plan that they will not dismiss it. Thanks for the help.

    Btw 2nd loan has been stripped

  • #2
    We may be moving across country in a couple months. We also are in a CH13 with the house outside the plan, but arrears in the plan. We also had a second mortgage stripped. We spoke with our attorney last week and were told to just stop paying our mortgage. Eventually the mtg. company will file for relief from stay and start forclosure. Our plan will not be dismissed, I aksed point blank about that.

    We have stopped paying ours this month as we are moving even if only local, this house is killing us. (Mold, water problems, drainage issues, septic issues all in a less than 10 year old house.)We are saving our payment for a rental and if we don't move cross country, will stay here until we are forclosed on and continue to save that money each month.

    You need to speak to your attorney, but you may be able to modify your plan if all your secured claims will be able to be paid at the lower monthly payment. I know our attorney told us to notify them if we needed to modify due to added expenses, lower income. Not sure how it works though.

    ETA: Our attorney also said that once forclosure happens, the deficiency balance, if they claim it, will be added tou our unsecured debt and be discharged upon our successful completion and discharge.

    Comment


    • #3
      Originally posted by steak View Post
      Hello, I've been in a Chapter 13 since 2009. Our mortgage will be going up by the end of May, basically from $2000 a month to $3000. I need to know what happens if we decide to foreclose on our home during Chapter 13.
      You call your lawyer who amends your plan to surrender the house. You stop making payments and stay in the house as long as possible rent-free. You find a rental - hopefully with about the same monthly payment as your house - so your Ch 13 payment doesn't change.

      I've been trying to think of a way to come up with the extra $1000, and the only thing I can come up with is request to have my Chapter 13 debt adjusted. Is that possible?
      What do you mean by "have my Chapter 13 debt adjusted"?

      I pay $1300 to CHP13, will they be willing to accept $300 a month.
      Not unless your amended Means Test and Schedules only show $300 disposable income.

      I need to know if I default on my home will they dismiss my plan?
      No, your plan will not be dismissed. Your laywer files an amended Ch 13 plan. If your housing costs for a rental are significantly less than your house payment was, then it's possible your Ch 13 payment could go up. HOw much depends on how much disposable income your re-worked Means Test and Schedules show for the amended plan.

      I've heard that since I pay my mortgage outside of my plan that they will not dismiss it.
      Whether you pay your mortgage yourself or your trustee pays it makes no difference. As long as your Ch 13 plan is amended to include surrendering the house and includes whatever your new housing costs to rent will be, your 13 won't be dismissed.
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

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