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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37818
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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what will happen now that i recieved a relief from stay and

Resolved Question:

what will happen now that i recieved a relief from stay and to abandon real estate? at first my trustee did not accepted the plan because debt came in over what was submitted. mean while i didget behind on payments and lawyer did an updated plan where my payments would go up on the last 12 months of chapter 13 to cover rearage i thought. last month i was told that everything was good through june and then i got this motion of stay and to abandon the real estate and opportunity to object. what happens now
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

The lender doesn't like the plan and wants to foreclose on the property. You will have to show that your plan is reasonable and likely to pay the mortgage, albeit according to a substitute payment plan.


Hope this helps.


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Customer: replied 7 years ago.
what do you mean a substitute payment plan
Expert:  socrateaser replied 7 years ago.
To the extent that your Ch. 13 plan calls for payments on the mortgage different than was originally agreed to between yourself and the lender -- that is a "substitute payment plan."
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