Can I surrender my home in a Chapter 13?
The answer is yes. Many times debtors begin making their monthly payment plans to the Trustee and the costs are just not affordable or sustainable for long periods of time. At that point, debtors may have to start making decisions whether or not to surrender certain properties, including their homes.
Many Floridian homes are underwater and citizens are tired of making mortgage payments towards a property where the value of the home will never exceed the value of the loan. Debtors can surrender their home in a Chapter 13 plan and the remaining balance will become part of the unsecured portion of the overall debt.
By doing this, you will ensure the lender cannot come after you personally as long as you continue to make your plan payments.
If you have questions about bankruptcy and foreclosure in Florida contact a foreclosure defense and bankruptcy attorney.
Greg Gilbert
Keith Maynard
