Guys the waiting is killing us!

[bksmith12345]

Hi All,

We filed 12/31/08. 341 was on 2/10/09. Confirmation hearing was 3/5/09. Our mortgage company which holds our first and second got an adjournment until 5/7/09. Our attorney's paralegal emailed us that they objected to the second mortgage lien strip.

The thing that upsets us is that we emailed the attorney to find out how the confirmation hearing went and the paralegal emailed us back. We wonder if they would have even contacted us if we didn't reach out to them.

At the new confirmation hearing if the trustee lays down a plan that is different to ours can our attorney agree to it without telling us? Or, does he have to ask for another hearing and consult with us?

Any input would be greatly appreciated.

Thanks.

[pcn]

We'll be doing a lien strip too, but with different 1st and 2nd holders. How close was the value of the 2nd to the appraisal? Any idea what, if any, basis they might have to object? Will they try to get their own higher appraisal to counter yours? I wonder if you can counter appraise, since they have an obvious interest in it coming in high. Sorry for so many questions - I'm hoping your lawyer went through the different scenarios and you might be able to give some advice. Thanks in advance!

[bksmith12345]

Our 1st and 2nd were both originally with Greenpoint. Countrywide purchased them in Oct. 2008. At that time we were not late on anything.

The 1st was $394,000. The second was a HELOC of $75,000.

Now here is the crazy part. When we refied in March 2007 the house appaised for $500,000. Just after Countrywide bought the loans they sent us a letter saying we could not access the HELOC. Which we never did anyway.

The reason they gave us was they believed the house was worth only $319,000! Way below the 1st alone. That is why we don't understand what they are trying to pull.

We are putting two months of 1st mortgage arrears into the plan. They sent us a letter before the confirmation hearing stateing that if we sent them those two payments they would not appear at the hearing. I don't know why they did that. Maybe to screw up our BK.

This just a guess on my part. My thinking is if we did pay those two payments it would look like a preferential payment. Get our BK dismissed then unleash the hounds on us. I would love to hear what my attorney thinks.

[BNKRPTinNC]

Our 1st and 2nd were both originally with Greenpoint. Countrywide purchased them in Oct. 2008. At that time we were not late on anything.

The 1st was $394,000. The second was a HELOC of $75,000.

Now here is the crazy part. When we refied in March 2007 the house appaised for $500,000. Just after Countrywide bought the loans they sent us a letter saying we could not access the HELOC. Which we never did anyway.

The reason they gave us was they believed the house was worth only $319,000! Way below the 1st alone. That is why we don't understand what they are trying to pull.

We are putting two months of 1st mortgage arrears into the plan. They sent us a letter before the confirmation hearing stateing that if we sent them those two payments they would not appear at the hearing. I don't know why they did that. Maybe to screw up our BK.

This just a guess on my part. My thinking is if we did pay those two payments it would look like a preferential payment. Get our BK dismissed then unleash the hounds on us. I would love to hear what my attorney thinks.

We had fallen behind a couple of months and the threat of foreclosure pushed us to go ahead with the bankruptcy. They (CitiFinancial) told us if we made a payment then they would hold off on the paperwork. Then they said that they needed $500 or else. Our attorney advised that we pay nothin to nobody no way. Attorney said they would probably be out to take pics of property and threaten but once we were "in the process" they could do nothing. That's exactly what happened and once again were told we just had to pay something or they were going to foreclose. Informed them that they could speak to our attorney, take your pics and then beat it. Felt good to close the door on them. Nobody showed up to object at the hearing so I guess that is all they seem to do is threaten.

[bksmith12345]

We just don't get why they would come to the confirmation hearing and ask for an adjournment.

They told us the house was worth only $319,000 when we owe $394,000 on the first alone.

Were they just trying to buy time hopeing we went bad with our case? And, swoop down on us.