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Chapter 13 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?
3 Answers
- Anonymous1 decade agoFavorite Answer
unless u do a chapter 7 bk the reorginization of a chapter 13 makes you liable and the answer to both questions is yes. however if ur chapter 13 is on going how in the world are u in foreclosure, does the court know and what about the attorney that filed the 13, i have never heard of foreclosure while in bk. that is what bk is for to stall or get foregiveness, check it out with both of the entities i have mentioned gl.
- Anonymous1 decade ago
If you are making payments how are you getting foreclosed on?
But you will be responsible for the remaining balance of the property.
- 1 decade ago
your payments shouldnt go up and yes you are liable for whats owed after foreclosure