I am getting ready to file chapter13, I have gone to two consultations and to this point they are are very different ends of the spectrum. I live in FL.
One attorney says the bank will foreclose on the house (process has started but I have not been served and bank is currently looking at remod) (at this point I do not want to keep the home). I have a boat I am still paying on and about 17000 in unsecured debt. the attorney said I can surrender the boat and the back will foreclose on the house all I will be left to pay is the 17000.00 in unsecured debt.
The other attorney said the bank I have my mortgage with will most likely file a defficiency claim and that the bank who financed the boat will likely do the same. so instead of paying 17000.00 back over 5 years it will be more likely that I will be paying back defficiencies of 60,000.00 + 17000.00 (I make 70,000 a yr gross) he said it will be more like 1000.00 a month for 5 yrs...
My question is... who is right?
Also... My mortgage is FHA
I have a FHA loan... they make you carry mortgage insurance which if in the event of a person defaulting.... the FHA mortgage insurance pays a claim to the lender/bank. So my question was... If they pay the bank a claim for the defficiency how can they come after me for deficiency??
this is what if found online... for FHA
There is one exception to all of the other bankruptcy rules
regarding an FHA mortgage loan. If you are behind on your FHA monthly mortgage payments at the time you file for bankruptcy, your mortgage lender will most likely choose to foreclose on your home. This means you would lose your home but, because of the discharge, you will not be personally responsible if there is a deficiency after the foreclosure sale.
Is this correct?
Thank you in advance,