Posted on: 12th Feb, 2011 11:22 am
I am presently behind in my Chapter 13 payments. The attorney for my car and home has filed a motion for relief from Stay. They both are with the same lender. My home is over-financed by at Least $40K and my car is over-financed by at least $10K. If I can come up with the back money for my car, will I be able to keep my car. Also, if a lien holder forcloses on a home and resale the home, will I still owe the difference in the loan principal?
Welcome Grober,
If you can come up with the back money regarding your car loan, you'll be able to keep your car. If the home mortgage lender receives a relief from automatic stay, then he can come after you in order to recover the deficient balance from you after the foreclosure sale.
If you can come up with the back money regarding your car loan, you'll be able to keep your car. If the home mortgage lender receives a relief from automatic stay, then he can come after you in order to recover the deficient balance from you after the foreclosure sale.