Question Chapter 13 bankruptcy and foreclosure?

You may be stuck UNLESS ...

...the new foreclosure "bailout" plan that Secretary Poulson has just announced could possibly save your mortgage from being foreclosed IF you have an adjustable mortgage.

Check out the Wall Street Journal Article, "Dissecting the Bailout Plan." (see Source, below.)

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RE :Question Chapter 13 bankruptcy and foreclosure?

I filed a Chapter 13 Bankruptcy last year and have been on time with my payments and now I'm facing foreclosure. When they do finally foreclose on my house and sell it for less than what is owed on it, what will happen with the remaining balance owed on the property?

Will my Chapter 13 payments go up and will I be responsible for the remaining balance on the property?

Follow 3 answers

How is your house in foreclose if you are making your payments on time? Are you paying your mortgage outside of the plan (or I guess supposed to)?

If there is a deficiency and you complete your bankruptcy you will not be responsible for the deficiency as you will get a discharge. If your bankruptcy was to be dismissed that is when you would have to be concerned.

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Question Chapter 13 bankruptcy and foreclosure?

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