debt from house surrender

[yak411]

I am surrendering my home in the next month and have a few questions. I owe 275K and the house is appraised at 255K. If the homes sells for, lets say, 245K and the realtor and attorney fees are included and the bank recoups 225K, I have 50K debt? I guess this is considered unsecured debt. I am paying back at 15% right now. Will my plan be modified or will I continue to pay at the 15% and include the house? My payment now is $500 and assuming that unsecured left is 50K will I pay 15% of that over the rest of the chapter 13? Just trying to get an idea of how much my payment will go up.

[HHM]

Your payment is based on disposible income, not the amount of claims. So, if there is no rooom for your payment to increase (i.e. you have no more disposible income), but more claims are added, the percent will go down.

[yak411]

Will my plan have to be modified and approved again by the trustee? Also, my rental amount will be less than the mortgage so I should have more disposable income.

[lrprn]

Will my plan have to be modified and approved again by the trustee? Also, my rental amount will be less than the mortgage so I should have more disposable income.

Depends on how stringent your trustee is. If the increase in your disposable income is significant, some trustees will insist on amending the plan to increase your payment by the difference - others won't care. You need to talk to your lawyer to find out what to expect in your case.