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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17239
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am currently in Chapter 13 bankruptcy, I am going on 3 months

Customer Question

I am currently in Chapter 13 bankruptcy, I am going on 3 months deliquent on my mortgage and thinking about turning the house into foreclosure due to loss of income.

Can I do this? and what are the problems I would occur from the lender
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
you can amend your petition to allow the mortgage bank to take the property, you should also consider converting your case to a chapter 7, so you will have no payment plan. An amendment is fairly easy to do, however a conversion to a chapter 7 is through a motion to the court.