Surrendering house half way through chapter 13?

[papie]

We surrendered our home 1.5 years into our Chapter 13. We were paying arrears and the monthly mortgage amount in our plan. Our plan was modified by the amount we wer paying to the mortgage company. It was acually extremely easy, but I have a good attorney to help in that matter. Our attorney told us we would have at least X months in the house before the bank finished the foreclosure and we planned our moving around that. No one has even asked about our rent amount or anything of that nature, perhaps because our mortgage payment was about equal to an average rent payment in the area.

Anyways, good luck! We were in the same situation. We didn't have the money to make a lot of major repairs and put them off for so long. It was kind of a fixer upper anyways. We also had very long commutes due to new jobs. It was costing us so much more to live in that house and I felt like it was a major hurdle when it came to saving and things of that nature. Hopefully we'll be better in the long run!

[msally1947]

Steveok, I am glad it worked out for you and hopefully my attorney will get this accomplished for me also. Thanks for the info!!

papie, thanks for your comment also. My house was a fixer-upper 12 yrs ago, and to this day there is always something that needs repaired or fixed. It was built in 1920, which makes it a charming big old house, but too big now for just me and my dog. Along with the fact that crime is moving into my area more and more every day!

My rent will be very close to what my house payment was, just a little lower. I have to figure out when to cancel homeowners' insurance policy and utilities. Our insurance is included in the house payment, not separate.

I feel alot calmer and confident because of this forum. It is a Godsend!!! It always helps to know that others have experienced the same or similar situations and come thru ok! Thank you all!!