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  1. #1
    Join Date
    Feb 2013
    Posts
    1

    Default Foreclosure in Chapter 13

    My question involves bankruptcy in the state of:arizona
    3 years ago my husband and I filed a chsapter 13 bankruptcy. During the bankpuptcy we did a loan modification. It did not drop the payment very much but it did get us caught up . We are now struggeling to make the payment and the mortage company wants to lift the stay and foreclose on the house . If we let the house go will the bank make us pay the difference of the loss on the house. Is there anything else that we can do?

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Foreclosure in Chapter 13

    If you can't make the negotiated payments, they can indeed get the stay lifted and foreclosed. If this is a single residence on less than 2.5 acres (either a single family home, half a duplex, or a single unit in a townhouse or condo) then they can not come after you for the deficiency in Arizona.

    You can ask for another concession by the bank, but it's unlikely they'll be inclined to offer one.

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