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Can I surrender my home after filing Chapter 13 and the plan being affirmed?
Columbia, SC
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Posted 10 months ago in Bankruptcy / Chapter 13
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I filed a Chapter 13 in 11/07. I elected to keep my home outside the plan and pay the first and second mortgage directly. The second mortgage also has as additional collateral an RV. The value of the home and RV is approx. 115k. I owe around 72k on the first mortgage and around 92k on the second mortgage. The second mortgage was a result of combining several personal loans. I am thinking since I owe much more on the first and second than the home is worth that I should just cut my loses and turn the home over to the mortgage holders. Would I be liable to the difference since I kept it out of the bankruptcy plan? Could I put it back in the plan? I have heard of stripping a mortgage is more is owed on it than it is worth, is this possible? Just need some advice in case I elect to walk off from it. Thanks.
Answers (1)vand1016
Posted 7 months ago.
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i believe as long as the plan has not been confirmed you can actually do an amended plan or a modified plan, accordingly. If it has been confirmed, sometimes you can do a motion to amend/modify confirmed plan. Not always granted but worth a shot I suppose. It's best to talk to an attorney about your options. If you're going Pro Se I think you should try switching over to an attorney. Its in your best interest that you have someone knowledgable helping you throughout the entire process. Creditor's dont fool around... speaking from experience.
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