chapter 13 after foreclosure
Posted by Eric M Franz on November 22, 2008 at 16:44:29:
I have a question, I am in the process of foreclosing on my home, and after the process my lawyer has suggested chapter 13 (i dont qualify for chapter7)on the remaining balance after sale of the house, My question is, i think i am confused about chapter 13, I understand that i am required to pay 5% of the debt, which for now we will say the entire balance of the debt is 120k, so 5% would be 6K, now my lawyer made it sound after the courts decided I would be looking at payments of 1100 a month for 5 years, which works out to 66K, is this how it works, or am I totally confused, i mean my payments would be more than my mortgage payment, its almost better to pay on a condemend house, then to pay the courts 400 more a month than my house payment is. Any help out there would be greatly appreciated!!!
Follow Ups:
- Re: chapter 13 after foreclosure - NJD 09:55:27 11/23/08
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