foreclosure while in chapter 13

[bondyang1224]

Hi everyone were in chapter 13 bankruptcy filed last year and is not confirmed yet , lien stripping was unsuccesfull so of if we decided to surrender the house before confirmation ,which is next month ,will it still go in foreclosure process ??and will my disposable income increase ..? are there any chances that i can talk to the bank and modify my 1st mortgage??..hope someone can answer my questions.. thanks

[newbie2]

If you decide to let go of your home then your plan will be modified, even though you haven't been confirmed yet. Your attorney will need to know where you intend to be living and the rent you will pay. (If you don't know that yet, that's ok, he/she can use the standard rent allowance for now.) If your standard rent allowance is lower than your mortgage payments, then yes, your disposable income will increase.

Please call your attorney and go over all the scenarios together. Good luck to you.

[ShooFly]

Why not convert to a 7 then?

[bondyang1224]

thanks newbie2 ,we already informed our attorney, but while on foreclosure can we stay in our house for a few months to save a little money ? or do do we have to move right away after confirmation???

[bondyang1224]

thanks shoofly ,we still have a less that a 1000 disposable income thats why our lawyer said we cannot convert to 7..