Trying to amend plan - wish me luck

[MajorMike]

Keep us posted!!! I think I have a good feeling about it for ya!

[krielly]

Well, this will be my last update for a bit. I don't work Friday's, so no access to email

Anyhow, as of right now, there are no objections filed on pacer to the vehicle purchase request.

I'll let everyone know what happened on Monday.

I'm a little bit frustrated, because even if the deadline passes, with no objections, we can't actually close w/the lender until the trustee signs the approval.

His office told me today that he is in court all day today, and then is not due back in the office until next Tuesday. UGH!!!!!!!!!!!!!!!!!!!!!!!!!

She suggested I send him an email inquiring about it to see if he could do it via electronic signature........

sigh......................hurry up and wait, huh???????????

I'll let you know how this all turns out.

K

[krielly]

I got it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[holding on]

Yes! good for you man!

[krielly]

Or "woman", right??????

So..........that's the first hurdle - getting the truck.

Now hopefully my plan payments can be modified to cover it

[krielly]

Update - it's been a bit

Well, still playing the waiting game, but it ends at 4:00 pm today. That is the deadline the creditors have to file an objection to our motion to modify the plan (no objections filed as of yet). Our proposed payment is $291/mo less than we have been paying for almost 3 years now. My vehicle payment is $321/mo, so that covers the bulk of it.
The only issue is that it looks as though our payments may be extended out an extra 3 or 4 months. All because our attorney made a mis-statement in the motion on how many payments we had left. I got pretty ticked off about it for a bit, because when I brought it to his attention, he said......well, we don't want to file another modification, because it will just draw more attention to this than we want, and he was worried we would get an objection anyhow......So, we may be paying 63 or 64 payments, rather than 60. I didn't think they could make us go beyond 60, but I'm hearing that a 5 year plan is 5 years from confirmation, NOT when you begin making payments. Oh well, trying to be greatful that it looks like the modification will be approved, and just let the other item go...........

K

[MOMof3]

How did you get the financing? I'm not worried about lawyer/trustee approval--but I would hate getting into the process and not being able to get financing? Did your dealer help you out?

[krielly]

Let me tell you, it wasn't easy the first time around (my hubby's truck we purchased in Nov). We started trying to find a dealership who could find a willing lender back in Spring 07. My husband got SO discouraged he gave up for a bit. Then I started poking around a bit in October, and approached a local dealership. Dont' give up. You WILL more than likely find someone. Once we got financing back in Nov that gave us a foot in the door. When I was hoping to get myself a vehicle, I just called the lender directly (didn't want to be tied to one dealership). By that time, we had made 6 on time payments on the truck, and they were willing to write another loan, as long as we had sign off from the trustee that is.
The lender is a credit union within our state. (fairly local - about 45 min away). Interest on my husbands truck was 12.24, and mine is 11.74. Pretty high, but considering we are in the MIDDLE of a Chapt 13, I consider us lucky!

K

PS: Check with your attorney for references of lenders who will work with active 13s. Also, maybe with your trustees office. It didn't pan out for us, but it makes sense. The trustee has more than likely dealt with others who have purchased, and may be able to give you the names of some lenders. Good luck!!!!!!!

[krielly]

Well, it isn't over yet. I've been checking pacer since last week (the deadline for creditors to object was 8/6 at 4:00 PM). No objections have been filed, but the court has yet to grant the modification by default. A hearing date was set for 8/14 (2 days from now) to hear any objections submitted. I heard this from our attorney yesterday:

"The Court has not signed because the Judge has questions of some kind about it. I don't know exactly what the issue is; I won't know until Thursday. You will not have to appear. I will update you when I get back from Court"

When I asked if he had any guesses - this was his response:

"I really don't know. I tried to get some information from the Clerk but couldn't get anything out of her. I literally won't know anything until Thursday. I thought it looked pretty clean but I will call your cell either Thursday or Friday. Whatever is wrong, if anything, I'm sure it can be fixed. Don't worry and enjoy your vacation."

sigh............................

I am wondering if it has something to do with the remaining payments he submitted in the plan. As I stated in my earlier post, he made an error on the number of the payments I had left. He figured in 3 or 4 extra payments, which takes us beyond 60 mos of payments. He didn't want to amend the request for modification, as he thought it would draw too much attention to the case, and perhaps cause a creditor to object. He also had stated that the 60 mos term begins on the date of confirmation, not the date our first payment was due. I am not certain that is the case, as our trustee actually sent us mailing labels to send our payments to back when we filed - and there were 60.

So, we wait..................I am hoping maybe the judge has picked up on this fact, and that's what the issue is. I guess I'll just have to wait and see.

Just to be funny, I responded to my lawyer that maybe she (the judge) decided we'd been in the 13 long enough, and was going to simply grant an early discharge. Ha Ha!!!!! A girl can dream!!!!!!!!!!!!!!!

K

[krielly]

Update

Sorry for the delay in updating.

We got our modification!!!!!!!!!!!!!!!!!!!

Happy happy joy joy!!!!!!!!!!!!!!!!!!!!!!!

It did add about 3 payments onto our 60 mos plan, but the payments went down and we'll save about 6K over what our original base plan was.

Also, I asked the trustee about the fact that we were going over the 60 mos. This was his response:

"If Todd (our attorney)calculated it requiring another 31 payments then that is the total that will need to be paid in. Ideally it perhaps should have been done with less payments, but that would have increased your monthly payment and that would have been the problem. That said, if you are able to pay it off sooner that 31 payments by making larger payments, that is fine too. As far as the 60 month limit is concerned, I am willing to go past that point if it makes it easier for you to complete the Plan.


By my calculations, the amount you need to pay at this point to complete the plan, as modified, is $11,266.63. That equates to about 29 more payments.

I hope this is helpful. Let me know if you have any other questions."


What a peach, huh??????????

I'm going to do everything I can to pay this off sooner than scheduled. It's been a long long road, and I can't wait to get to the end.

[liz417]

Congrats~
Your trustee sounds very nice too!

Good Luck!