Surrendering the house --- can it be done?

[ASUakula]

My wife and I initially qualified for a Ch. 7, but only because I was unemployed for roughly two months. We didn't have the money to pay the attorney fee at the time. Now, I have obtained a new job and with that income we are going to pushed into a Ch. 13 (blech!!!). However, because of the down turn in the real estate market in the area we live in our home now is worth about $80k - $100k (depends on the realtor we ask) less than we owe. We want to just surrender the home, but we're not sure how that will work in a ch. 13. The house has a first mortgage and a second mortgage. Any information is greatly appreciated.

[macsen]

Works in Ch. 13 just as it does in a 7. If you wish to surrender your home you certainly have the option. We surrendered a money pit in our 13 and are now waiting (forever it seems) for it to go into foreclosure. No questions or concerns on the surrender on the part of the trustee or courts.