Posted on: 15th Sep, 2010 05:29 am
i went into chapter 13 to avoid deficiency judgement on a condo that i allowed to be foreclosed on. i have received the tax papers on this.
-q- am i done with the condo now or can the mortgage company still come after me for the deficiency if i dismiss the ch13?
-q- if we're done with the condo and they can't come after me for the deficiency, can i have the chapter 13 case dismissed and start managing my own finances again?
here's where it gets complicated. i currently have two mortgages on our primary residence. the first for approx $101k and the second for around $47k. the house is currently worth around $84k according to zillow.com.
here's where i want to be:
ideally, i'd like to keep the house and get rid of the second mortgage. the first mortgage is fine even though we're under water.
if we can't get rid of the second mortgage, then i would be willing to walk away from the whole thing, but want to make sure i'm protected from a deficiency judgement.
the complications arise from my current chapter 13 situation (the questions above concerning the property i let go into foreclosure).
i'm trying to figure out what my best option is. any advice is appreciated.
-q- am i done with the condo now or can the mortgage company still come after me for the deficiency if i dismiss the ch13?
-q- if we're done with the condo and they can't come after me for the deficiency, can i have the chapter 13 case dismissed and start managing my own finances again?
here's where it gets complicated. i currently have two mortgages on our primary residence. the first for approx $101k and the second for around $47k. the house is currently worth around $84k according to zillow.com.
here's where i want to be:
ideally, i'd like to keep the house and get rid of the second mortgage. the first mortgage is fine even though we're under water.
if we can't get rid of the second mortgage, then i would be willing to walk away from the whole thing, but want to make sure i'm protected from a deficiency judgement.
the complications arise from my current chapter 13 situation (the questions above concerning the property i let go into foreclosure).
i'm trying to figure out what my best option is. any advice is appreciated.
welcome timpalomo,
if you got your chapter 13 bankruptcy discharged, the lender will not be able to come after you for the deficient balance resulting from the sale of the property. however, if you get your chapter 13 bankruptcy filing dismissed, then the lender will be able to come after you for the dues. if the foreclosure hasn't taken place, then you can strip off the second lien if there is no equity in the property.
if you got your chapter 13 bankruptcy discharged, the lender will not be able to come after you for the deficient balance resulting from the sale of the property. however, if you get your chapter 13 bankruptcy filing dismissed, then the lender will be able to come after you for the dues. if the foreclosure hasn't taken place, then you can strip off the second lien if there is no equity in the property.