Can you let the bank have your house if you are still paying on a Chapter 13?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can you let the bank have your house if you are still paying on a Chapter 13?
Our home won’t sell and we want to move out of state.
Asked on February 5, 2012 under Bankruptcy Law, Colorado
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You may need to go back to court and see if you can either now file Chapter 7 or have the current Chapter 13 reformed into a Chapter 7. You can also try to instead do a deed in lieu with the lender/servicer, which is less than a foreclosure. Keep in mind, however, that this may not discharge or extinguish your debts owed unless you live in some sort of anti-deficiency state. Just check with your attorney and consider all options. You may also wish to meet with a housing counselor through HUD.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.