Questions about Confimation Hearing?

[bksmith12345]

Hi All,

Our confirmation hearing was adjourned from 3/5/09 to 5/7/09 because of an objection by Countrywide mortgage. We have a couple of question about the confimation hearing.

1. What if the trustee does not agree to our plan. Does our attorney then schedule a new hearing and consult with us?

2. Can the trustee force a plan on us?

3. Can the trustee just dismiss outright?

Any input would be greatly appriciated!

[getmeouttahere]

I have the same questions as you.

Our confirmation hearing was also adjourned from February 25 and is rescheduled for this Wednesday, mostly in part because we were trying to strip our 2nd. Well, that's all taken care of and has been moved to "unsecured" Not sure what to expect from the Judge and Trustee on Wednesday.

Another question, I would like to add to your list, if you don't mind, is - "How long does the confirmation hearing usually last"?

[bksmith12345]

We are also stripping our second. Countrywide holds both mortgages. I can't imagine the trustee can force a plan on us. I have to believe our attorney would have to consult with us first and get to agree. Dosn't that sound right?

[lrprn]

1. What if the trustee does not agree to our plan. Does our attorney then schedule a new hearing and consult with us?

What will happen now is your lawyer will negotiate with your mortgage lender. They will either come to some sort of an agreement on how to resolve the issue at hand (happens most of the time), or your plan will go on record as unconfirmed for the time being. That's when things get interesting. Both lawyers file briefs trying to prove to the judge that their legal position is justified and the judge rules on who wins the argument.

Take a look at my signature - it took 15 months after we filed to work through 3 objections (one from our mortgage lender and two from our trustee) but we finally got confirmed.

2. Can the trustee force a plan on us?

No. In a 13 you always have the right to voluntarily dismiss your 13 and walk away for six months, then try again.

3. Can the trustee just dismiss outright?

With cause, yes. But your trustee will negotiate with your lawyer to find an acceptable compromise for quite awhile before that happens.

[bksmith12345]

Hi lrprn,

I have seen your sig line and always wanted to ask you what took so long. I have posted our mortgage situation before. Country wide holds the 1st and 2nd. 1st is $394,000 the second is $75,000 a HELOC. We are going to strip the second.

The crazy part is in November, 2008 Countrywide sent us a letter saying our house that appraised for $500,000 in March, 20007 is now only worth $319,000. And, that we cannot use the HELOC. Which we never did.

Why would they fight the lien strip if they even admit our house is worth way less than our 1st mortgage? What do you think?

Thanks.

[lrprn]

Why would they fight the lien strip if they even admit our house is worth way less than our 1st mortgage? What do you think?

Has Countrywide indicated in writing that they intend to fight the lien strip? Or are you just concerned that they might?

[bksmith12345]

Hi,

No. They actually sent us a letter before our first confirmation hearing stating that if we paid the 2 months first mortgage payments we were in arrears and included in the plan they would not show up at the hearing.

We did not. So, I don't know what is up. Our attorney just said they objected to the lien strip and got an adjournment. Are they screwin with us?

Thanks.

[lrprn]

They actually sent us a letter before our first confirmation hearing stating that if we paid the 2 months first mortgage payments we were in arrears and included in the plan they would not show up at the hearing.

Lovely. Your own mortgage company held you hostage. By the way, did that letter arrive before or after your attorney filed your 13?

Our attorney just said they objected to the lien strip and got an adjournment. Are they screwin with us?

Possibly - it's hard to say without knowing the grounds for their objection. Can you see the court document Countrywide's lawyer filed on PACER?

Hopefully your attorney will hold Countrywide's feet to the fire and force them to prove their objection has grounds before your rescheduled confirmation. Sometimes staring down a bully works wonders when they don't have a legal leg to stand on. That's how our lawyer handled our mortgage lender - he set a court date and invited them to come on down and prove their objection. OUr lender was a no-show so their objection was stripped off our filing by the bk court judge. It was a sweet moment

[bksmith12345]

Hi,

They sent the letter after we filed two weeks before the confimation hearing. The only thing I see on PACER is the letter we received.

Our attorney has not contacted us at all. Only couple brief emails from his paralegal. I sent him an email last week and nothing back from his office. Is this normal?

Thanks.

[bksmith12345]

Hi lrprn,

What happens if we voluntarily dismiss and refile after 6 months?

How ugly does it get?

When we refile again does the automatic stay go into effct?

Love to know. Thanks.

[albertwigs]

It was the second swearing-in of the day for Sotomayor, whose rise from an impoverished childhood in New York City to become only the third woman to serve on the high court was a key narrative of her confirmation hearings in Congress.