Hi All,
We live in Washington State, and have recently filed a motion to modify our plan to surrender our home. We decided to do so because our house is severely underwater, and it just doesn't make economic sense for us to keep it. We just have the original mortgage with Bank of America, no second or home equity line of credit. I know that upon confirmation the lender is granted relief from the automatic stay, so there won't be any delay waiting for that to happen. We have been paying the regular mortgage payment plus the delinquency amount through the plan, and by the time the modified plan is confirmed, we'll still be one partial payment behind.
Given our situation and the experiences of others, how long can we expect to stay in the home after confirmation?
Thanks!
We live in Washington State, and have recently filed a motion to modify our plan to surrender our home. We decided to do so because our house is severely underwater, and it just doesn't make economic sense for us to keep it. We just have the original mortgage with Bank of America, no second or home equity line of credit. I know that upon confirmation the lender is granted relief from the automatic stay, so there won't be any delay waiting for that to happen. We have been paying the regular mortgage payment plus the delinquency amount through the plan, and by the time the modified plan is confirmed, we'll still be one partial payment behind.
Given our situation and the experiences of others, how long can we expect to stay in the home after confirmation?
Thanks!