Converting from 13 to 7

[brightfuture]

How many people have converted from 13 to a 7. Seems like a 13 is really really tough to make it to the end. Do most people end up converting anyway.

And what if you have a house with negative equity, do you still have to surrender it. It seems that especially in this housing market (Michigan) that my house has no worth so why would they want to take it over.

My income is over the limit, but so are our payments.

Thanks for the input.

[HHM]

There are not generalities on this topic. But if people are on the bubble between 13 and 7 and decide to go 13 to save a house, odds are, they were in over their head with the mortgage and yes, they end up converting to 7 and letting their house go at some point into their chapter 13.

Negative equity has little to do with it, its whether the person can afford the mortgage. If you are behind on the mortgage, regardless of negative equity, the bank is going to foreclose.