How can I get rid of my mobile home?

[momof4]

It's been 35 months since my plan confirmation (2/25/04) and 36 months since my 341 (1/16/04).

Our mobile home mortgage is being paid through our plan, but it is a contining debt. The arrears are paid.

We are wanting to move this summer into a larger home (one that will be deeded to me after our discharge and currently belongs to my father --used to be grandma's --- posted about that before.) We will no longer need our mobile home, and we need to get rid of it!

What are my options? I am in NC.

We also have a 2001 Ford Taurus that is being paid though the plan -- the value is paid at 100%, the unsecured part is being paid at 25%. We also have a truck and a van that we hold the titles to and combined are worth about $ 3500 or less.

We would like to be able to just surrender our home and stay in our chapter 13, but I'm not sure this is possible? We have also considered converting to Chapter 7.

Advice?

Thanks

[SinkingFast]

I think if you take Title to the house this summer, either way you go, you'll be screwed.

If you were to Convert today, you'd fall under the "180 days after filing" rule of Ch 7 on inheritances. The Trustee could sieze the house within that 180 day period and liquidate it for the benefit of your Creditors.

If you take Title to the house while you're still in Ch 13, now the house becomes an asset of the BK Estate. The Trustee can sieze the house and liquidate it for the benefit of your Creditors.

You probably should get your BK issues resolved before your Dad turns over the Title to the house. Otherwise, you may have nothing to move into.

[momof4]

no, no.

I have no intentions of taking title of the house until after we are discharged, which should be in 24 months. That's not the issue. We are going to live there while it's in my father's name.

My question is what are my options on getting rid of my mobile home?

Also, since I am an old filer, what is the 36-moth buy-out thing? How do I know the amount?

[SinkingFast]

You'll need to contact the attny that handled your BK. Tell the attny you want to surrender the home. Your attny may need to modify your plan if you will be staying in Ch 13.

Old Law filers could, historically, buy-out of their plans at the 36 month mark. Several posters here have done that by refinancing their homes. Evidently, under Old Law, Trustees would allow for Filers to buy-out at the amount ($$$'s) the plan was originally set to repay.