Creditor banks of Chase Manhattan Mortgage and Realty Trust are considering a plan for restructuring of the trust's debt submitted to them this week, the trust announced.

A response to the proposal will be made "in the near future," a trust spokesman said.

Part of the plan calls for deferred payment in full of 7 7/8 percent senior notes that were due May 1, as well as interest. Those payments would be deferred until next year to allow the trust a chance to generate enough cash by selling assets, a spokesman said.

If the trust can't raise enough cash that way, then it would plan to arrange a secured loan of up to $41.5 million from its advisory, Chase Manhattan Bank. The bank has agreed to make the loan if all other elements of the plan are implemented and all legal requirements are satisfied, the trust said.

The trust owes $36.7 million in principal on the notes plus another $1.4 million in accrued interest as of May 1, President Hal Upbin said.

Another part of the plan calls for the remainder of the trust's senior debt - a total of $150 million of bank debt - to be satisfied by transferring a "significant portion" of the trust's real estate investments to the banks. These investments would also secure the $41.5-million loan, the trust said.

The balance of the trust's investments would be retained and would form the nucleus of the ongoing company, which would be owned by its current shareholders and holders of its subordinated debt.

Outstanding warrants held by the trust's creditor banks would be cancelled.

In addition, the plan specifies that holders of the trust's four issues of subordinated debt - totaling $72 million - would be asked to consent to a plan of arrangement under Chapter 11 of the Bankruptcy Act in advance of a filling, the trust said.