Can you let the bank have your house if you are still paying on a Chapter 13?

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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 9 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.


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