Modifications in a 13

[Skipper]

Question for Justbroke...

Hi there,

Along the same HAMP lines, the good news is that I have a mortgage backed by Freddie, and I will be making my second trial payment on January 1st.

The bad news is that I just received a summons from AMEX...

Do you think a filing (Chapter 13 because of a lien strip, in addition to some other unsecured debt) should be put off until after my third trial payment is made February 1st? I have read the HAMP guidelines which clearly indicate that a filing should have no impact because I am already in a trial plan, but I worry... Or should I go ahead and plan to file? The up-coming permanent modification (insert crossed fingers here) is the main reason I have not filed as of yet.

I appreciate all that you do on this site, and I look forward to any opinion that you (or others) may have.

Thanks again,

Skipper

p.s., I have recently retained an attorney, but I believe your experience and opinion will help give me a good insight to what to expect.

[justbroke]

Yes, according to HAMP, the lender is not to halt the modification process due to a Bankruptcy filing. I don't know how many lenders actually honor that. I can't tell you for sure what can/would happen. I do know that very few trial modifications have actually become permanent... so it may not even be Feb 1st that you're permanent.

[debtinohio]

Glad to hear some are having good luck with mods under a CH13. Leaves me some hope they might actually continue talking to me. For now, I raised my tenants rent to cover the carrying cost of my 1st mortgage in an attempt to keep our rental.