Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Letting house go during ch 13?

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  • Letting house go during ch 13?

    Hi all. We are paying our mortgage outside our plan payment. We are thinking about letting our house go since my husband just lost his job and our mtge is close to half our new monthly income (and 100k underwater to boot). If we decide to do so, do we stop paying the mortgage after my lawyer submits the paperwork? If so, what happens to the money saved by not paying until we move out? we have to plan to move out right away or can we stay until the process is complete? We live in California. I haven't broached my lawyer since about this although he is aware of the income loss. We are waiting to see what unemployment comes back with. We can't convert to 7 due to majority of our payment to secured/priority although it looks like we may be able to adjust plan down a little.
    thanks in advance for any insight.
    Filed CH13/5yr 7/29/10
    341 10/7/10
    Confirmed 11/7/10

  • #2
    We're in a 13 (almost 4 yrs in) and are letting the house go...last talked to lender (HSBC) in July 2010, no payments since then and nothing heard from them. Attny. knows. We're just waiting it out...haven't put aside as much as we thought we would, sadly...but doing ok. We're in an 100% plan so everyone getting paid. What is your District? Ours is Eastern CA
    Good luck to you


    • #3
      Did you amend your ch 13? We are going to have to let the house go also. Called my atty about 5 months ago and asked her what to do. She said put it up for sale and try to do a short sale. Had realtor over about 2 months ago to talk about selling it. She had pulled comps from our area and said we wouldn't even get what we owe on it, and in addition we would need out of pocket around $10,000-$15,000 for realtors fees, fixing things the appraiser wants fixed, closing costs, and all that stuff. That is just not possible, we don't have that kind of money! Also, the neighborhood is getting crime riddled and I don't feel safe here. Thanks!!


      • #4
        We have been in Ch13 2.5 years and havent made a payment on our home since May2010. BOA is threatening with a NOD but nothing so far I wonder if it has anything to do with being in the Eastern District of California that they are taking so long to start forclosure. Also what struck a familiar note is that we too have not saved as much as we thought we would. I know it is easy to say but it seems like there is always something popping up to where we have to go into our savings.
        Good Luck To Everyone


        • #5
          Robinrader, So did your lawyer submit a motion to modify plan to let the house go when you stopped paying? How did this change your plan payments since you are not paying the mortgage but also not paying rent? I am Northern District of CA. Thanks!
          Filed CH13/5yr 7/29/10
          341 10/7/10
          Confirmed 11/7/10


          • #6
            I have contacted my Attorney and Trustee about a plan modification and not making my house payment. Attorney says do not worry about it until we get closer to a forclosure and determine what kind of rent I will be paying. Trustee basically said he will look at when the plan modifcation comes in and not to worry about the money I am saving because I will need it for the move. Alot of people have cautioned me about having a wait and see type attitutde but what am I supposed to do when both Attorney and Trustee are in a wait and see mode also. My plan is a 100% pay back plan, I have never missed or have been late with any payment plus with the exception of one call to my trustee I have made myself invisible.

            Good Luck


            • #7
              Originally posted by Robinrader View Post
              We have been in Ch13 2.5 years and havent made a payment on our home since May2010. BOA is threatening with a NOD but nothing so far I wonder if it has anything to do with being in the Eastern District of California that they are taking so long to start forclosure. Also what struck a familiar note is that we too have not saved as much as we thought we would. I know it is easy to say but it seems like there is always something popping up to where we have to go into our savings.
              Good Luck To Everyone
              I thought it had more to do with the lender than the Trustee, since we haven't even gotten notifications of any kind from our lender (HSBC) Attny. advised against short sale or deed in lieu of, said just let it go. If everything holds off until after discharge (May,2013) then we'll have $1600 back in the budget..can't believe it will go that long, however. Haven't asked about amending the Plan, however...our DMI is larger now, at least on paper, but I guess I could talk to the attny. about it. If house payment was $1500 and rents in our area are $900 or so, does that mean we have $700 more in our DMI? And my husband retired in July, so we really should update all our info...just wanted to try to fly below the radar a little longer.
              Yes, good luck to all of you too...and Happy Thanksgiving....aside from money problems we are thankful for our good friends and family


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