Chapter 13 and then a foreclosure in Massachusetts?

Question

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 reaffirmations 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.

Question 1: If the house sells for less than what is owed, am I still responsible for the deficiency?

Question 2: Will I still be able to make my Chapter 13 repayment plan at the same amount that I'm paying now?

Question 3: Will I still get my full tax return refund?

Question 4: Does anyone know if Massachusetts has a foreclosure deficiency law while I'm in a Chapter 13.

Any advice would be helpful!

Thank you.

Answer 1

Wow, you may have a mess. If you didn't reaffirm your mortgage, how do you know your payments are going toward repayment if your mortgage company wasn't listed as one of the creditors?

Regarding foreclosure deficiency: I believe it is a Federal concern. Check out www.IRS.gov; all of your questions can probably be addressed.

Answer 2

#1 - u will be held liable for "outstanding" difference plus legal fees.
suggest a visit to daveramsey.com to learn ur hard lessons from others bigger mistakes.