I have 1 year and two months left for my 5 year chapter 13 plan. At this point I've paid in around $109,000. I have missed a payment on our mortgage due to repairs needed on the house. I assume they will start foreclosure. We have an 80/20 loan. What is the likely outcome in my situation. I just want to be prepaired for another storm. Do I go back to my Bankruptcy lawyer for options? We are currently renting this house outs we moved about a year ago for my wife's job. Another twist this is that renters have up and asked to decrease the amount they can pay because they can no longer afford to pay us full rent.
The house tax value is $52,000 and we owe $105,000 on the 1st mortgage and $20,000'on the second mortgage. Any thoughts folks?