Oh boy...loan modification

[zeezee]

So, I had my second mtg on a modification for 6 months that was supposed to be the last mod payment in July and then go back to regular payments on Aug 1st. Because I filed on 30 July the mtg co says that the payments won't go back to regular until the bk is discharged! If I had filed on Aug 2nd they would be the normal payment.

Anyway, in my plan I am supposed to be paying the normal mtg amount outside of the plan. But since I now only have to pay the mod amount during the bk it adds an additional $360 in DMI. (I know I have to tell my lawyer asap, I just found this out a minute ago.)

My question is, do I have to do a modification to the plan or do I wait until my 341 meeting and the trustee ups my payments by $360? In a way this may be a good thing because it may allow me to do a 100% payback (minus my school loans!).

[zeezee]

bump...

[lrprn]

Yours is a question that requires a real honest-to-goodness legal opinion. Your lawyer is your best resource for reliable information here - he/she is most familiar with your case and what the local court and your trustee may feel about loan modifications inside Ch 13s.

Since the mortgage modification programs are relatively new and some lenders are finally realizing it's in their best interests to cooperate with them, there just isn't much experience out here in the real bk world as yet.

[zeezee]

Thanks lrpn. Of course my lawyer was out yesterday so I have to wait to hopefully get to talk to him today and figure out the way forward here.

[zeezee]

Well, I got to speak to my attorney today and he told me to continue to make the regular payment amount anyway (since that was what was in the plan). That way there won't have to be any change.

He said he had never heard of them doing that for someone before. Must be some new thing they are doing....