Well I went this morning and was the very last case of the hour to be called. It was an employee of the trustee who had only been working with the trustee for about 2 months so in every case he had objections...maybe that's pretty typical, but it was mostly for tax returns and such. But when my case came up he asked all the same questions and then some.
My case is 100% plan surrendering 2 condos. One of the mortgage companies showed up (credit union) and questioned how I even qualified for the condos....HELLO the credit union verified and approved it. Then they were trying to submit an appraisal that was 5 years old in the name of my dad. He at one time was going to purchase the condo I ended up buying...good thing for him. The appraised value was at $70,000 less than the loan amount. All I thought of is they are trying to claim unsecured amount (even though I knew in the back of my mind they couldn't actually do that until the foreclosure sale). What they didn't bring is the appraisal dated 3 years later at a value of $211,000 when the loan amount is only $179K. When that was brought up by me, the trustee immediately mentioned that he might convert my case into a chp 7...WHAT? My atty and even the atty for the creditor was quick to say we wouldn't qualify due to our high income (I knew the trustee knew what he was talking about because of me reading this forum everyday and the majority of my debt being non consumer debt). So my objections were finding out the value of the condo, and I failed to list 1 mutual fund account that the credit union was able to find from old applications I listed. That's no biggie, but I'm not quit sure about the Chp 7...how will that work. Will this work in my favor?
My attorney seems to think it will stay at a chp 13. I know my value isn't at $211K anymore and should appraise alot less. My attorney said he will take care of it. The one thing that did work in my favor is that the credit union was ready to start foreclosure proceedings because my atty signed the lift of stay. But since there is a question of value of the property and the objection is out there this will prolong it for a while.
Sorry for the long drawn out thread, but I thought I would share my experience. If anyone can shed some light if the converision to a chp 7 would be better or if this would hold up confirmation. I am still correct in thinking creditors have a max of 3 months consumer to file claims and 6 months on govt claims from my meeting today....right?
My case is 100% plan surrendering 2 condos. One of the mortgage companies showed up (credit union) and questioned how I even qualified for the condos....HELLO the credit union verified and approved it. Then they were trying to submit an appraisal that was 5 years old in the name of my dad. He at one time was going to purchase the condo I ended up buying...good thing for him. The appraised value was at $70,000 less than the loan amount. All I thought of is they are trying to claim unsecured amount (even though I knew in the back of my mind they couldn't actually do that until the foreclosure sale). What they didn't bring is the appraisal dated 3 years later at a value of $211,000 when the loan amount is only $179K. When that was brought up by me, the trustee immediately mentioned that he might convert my case into a chp 7...WHAT? My atty and even the atty for the creditor was quick to say we wouldn't qualify due to our high income (I knew the trustee knew what he was talking about because of me reading this forum everyday and the majority of my debt being non consumer debt). So my objections were finding out the value of the condo, and I failed to list 1 mutual fund account that the credit union was able to find from old applications I listed. That's no biggie, but I'm not quit sure about the Chp 7...how will that work. Will this work in my favor?
My attorney seems to think it will stay at a chp 13. I know my value isn't at $211K anymore and should appraise alot less. My attorney said he will take care of it. The one thing that did work in my favor is that the credit union was ready to start foreclosure proceedings because my atty signed the lift of stay. But since there is a question of value of the property and the objection is out there this will prolong it for a while.
Sorry for the long drawn out thread, but I thought I would share my experience. If anyone can shed some light if the converision to a chp 7 would be better or if this would hold up confirmation. I am still correct in thinking creditors have a max of 3 months consumer to file claims and 6 months on govt claims from my meeting today....right?
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