Long story short.
Started loan mod process 1/2009
Bank took forever to even respond back with an offer.
Filed for ch 13 April 2009
Confirmed plan June 2009
Mortgage held outside the plan
Mortgage co. would not talk to me and told me to send them a letter indicating my lawyer said ok to talk to them about a loan mod.
They said they cancelled my "approved" loan mod because I filed and must now start all over.
Paying on time with Trustee so no problem there.
Now that ch 13 plan in place, my 5 year ARM has increased by $400. I warned my mortgage company I would have to file ch 13 if they could not help with a loan mod. Keep in mind, they did approve me prior to filing, but dragged their feet - even past my confirmation stage.
They now have my attorney's letter but still dragging their feet.
Question: I am tempted to skip next month's mortgage payment since I am now being squeezed by the increase of the ARM loan resetting. btw, my plan is 100%.
What are the risks for skipping a payment since it is outside of the plan? I plan to use the (1) skipped mortgage payment to offset the increased $400 for future months just in case they take another 3-6 months modify my loan down - even if it's just down to the "intro" rate before the reset it would help -- my plan was written that way assuming it was fixed.
Any input would be appreciated.
Started loan mod process 1/2009
Bank took forever to even respond back with an offer.
Filed for ch 13 April 2009
Confirmed plan June 2009
Mortgage held outside the plan
Mortgage co. would not talk to me and told me to send them a letter indicating my lawyer said ok to talk to them about a loan mod.
They said they cancelled my "approved" loan mod because I filed and must now start all over.
Paying on time with Trustee so no problem there.
Now that ch 13 plan in place, my 5 year ARM has increased by $400. I warned my mortgage company I would have to file ch 13 if they could not help with a loan mod. Keep in mind, they did approve me prior to filing, but dragged their feet - even past my confirmation stage.
They now have my attorney's letter but still dragging their feet.
Question: I am tempted to skip next month's mortgage payment since I am now being squeezed by the increase of the ARM loan resetting. btw, my plan is 100%.
What are the risks for skipping a payment since it is outside of the plan? I plan to use the (1) skipped mortgage payment to offset the increased $400 for future months just in case they take another 3-6 months modify my loan down - even if it's just down to the "intro" rate before the reset it would help -- my plan was written that way assuming it was fixed.
Any input would be appreciated.
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