I filed for bankruptcy and surrendered 2 properties. My question is 1 bank did an appraisalone property that came in about 40K less than the loan balance. The property is on the gulf of mexico and although the market is down, today’s market value may not be the market value 6 mos or even a year from now.
My plan is paid back at 100% and as of right now the properties are still in my name. I am still waiting for my plan to be confirmed from my chp 13. The lender that holds one of the properties has a claim for the entire loan amount. It will take up to 6 months to foreclose due to the property being in the state of FL. My plan is to pay off before the actual foreclosure takes place in hopes of getting a discharge. My question is the creditor is suggesting that the 40K difference of app value and loan bal, they are wanting me to include in my 100% plan for payback. I thought that the defenciency could not be determined and claimed until the actual property sells. Could you help me out on this?
Is this you?
Thanks for the questions and hope this helps.