MA Foreclosures

Massachusetts Foreclosures Houses

Chapter 13 Bankruptcy and Foreclosure in Massachusetts?

I have been in a Chapter 13 repayment plan for the last year. Due to my adjustable rate mortgage, my payment has gone up. At the beginning of the plan I did not sign a reaffirmafication on my mortgage, but I have continually paid my mortgage payment on top of my Chapter 13 repayment plan and now with my mortgage payment going up, I can not afford to pay the mortgage. I think it would be best for me to let the house get foreclosed on, but I want to continue making the Chapter 13 payment.

1. If you stay in your chapter 13 and your house is sold for less than what you owe, then, you are not personally responsible for the deficiency, but the mortgage company may be able to get a percentage of your plan payments toward the deficiency (you will receive a discharge at the end of the plan though).

2. I don’t know what all is in your plan payment, but if you pay the mortgage outside of the plan, then yes your plan payment SHOULD stay the same, but you should talk to your bankruptcy attorney.

3. I don’t know about massachusetts, but in Illinois, that depends on the size of your tax refund. You get to keep a portion but not all if you have a large one.

4. I don’t know anything about Massachusetts Foreclosure law, but the fact is it is a pre-petition debt and as long as you are successful with your chapter 13, there is nothing the mortgage company can do to get you held personally liable for the deficiency.

You should consult your attorney about possibly converting to a chapter 7, if the house was the reason for the 13, it may make more sense to convert to a chapter 7 and get the discharge sooner rather than later, but it depends on your income and how far into the plan you are and whether you are current on cars, etc. Which is why you need to speak to your attorney.

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