While it has not been universally approved by all courts yet, we recently proposed such a plan, and it was approved here in the Houston Division of the Southern District of Texas.

Section 1322(b)(9) of the U.S. Bankruptcy Code specifically states that a chapter 13 plan can "vest" property in another entity, such as a mortgage company. There is no specification that they consent to receive the property, as would be necessary if you just deeded the property to them.

J Thomas Black
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization