In a 13, when does the money get distributed to creditors? After or during?

[espo1357]

Sorry if this is a repeat, but I couldn't find any information on this in my searches.

I am referring to the money that I put into the plan.


Also, what would happen if the conditions of a plan change during the BK. In my 13, the payments are 100 percent going to first mortgage arrears. however, after I got the hamp, the arrears were but back into the loan, so what happens in that situation?




Thanks!

[newbie2]

Sorry if this is a repeat, but I couldn't find any information on this in my searches.

I am referring to the money that I put into the plan.


Also, what would happen if the conditions of a plan change during the BK. In my 13, the payments are 100 percent going to first mortgage arrears. however, after I got the hamp, the arrears were but back into the loan, so what happens in that situation?




Thanks!

In most districts funds are distributed monthly, during the plan. (Have heard of a few where they wait til the end, but that is extremely rare)

Once your priorty debts are paid (your arrears) then your unsecured creditors get paid.

[espo1357]

In most districts funds are distributed monthly, during the plan. (Have heard of a few where they wait til the end, but that is extremely rare)

Once your priorty debts are paid (your arrears) then your unsecured creditors get paid.

so, now that I am current on my first mortgage, maybe its a good idea get get behind again?

LOL. trying to figure this all out, to maximize my losses is fun.

[momofthree]

The money is distributed monthly. Your trustee should have mailed you a letter with a website link so that you could track what has been received from you and paid out to creditors. Ours uses www.13datacenter.com

[espo1357]

The money is distributed monthly. Your trustee should have mailed you a letter with a website link so that you could track what has been received from you and paid out to creditors. Ours uses www.13datacenter.com

made two payments into it, but its not confirmed yet, maybe that is why I am not seeing that?

[momofthree]

made two payments into it, but its not confirmed yet, maybe that is why I am not seeing that?

We were given the website info as soon as we filed, but we didn't actually have access to the site until we made our first payment. I'd imagine if you're a couple of payments into your plan, that there should be a way of reviewing your "account ledger."

Did you try registering on the website that I linked? I know a lot of districts use that same site.

[espo1357]

We were given the website info as soon as we filed, but we didn't actually have access to the site until we made our first payment. I'd imagine if you're a couple of payments into your plan, that there should be a way of reviewing your "account ledger."

Did you try registering on the website that I linked? I know a lot of districts use that same site.

Yes, I have the same info, showing what I put into the plan. But, there is no information on the distributions to anyone.

Its going to get confirmed soon, so maybe that will change.

I think I am going to purposefully miss some mortgage payments and allow an arrears on it, to match the chapter 13 payback plan.

[momofthree]

Yes, I have the same info, showing what I put into the plan. But, there is no information on the distributions to anyone.

Its going to get confirmed soon, so maybe that will change.

I think I am going to purposefully miss some mortgage payments and allow an arrears on it, to match the chapter 13 payback plan.

Some trustees don't make any distributions until confirmation. That may be why there are no distributions yet.

[espo1357]

Some trustees don't make any distributions until confirmation. That may be why there are no distributions yet.

Really appreciate your feedback.

Yes, maybe that is why.

Anyway, I am not going to play my mortgage until the crap hits the fan, because I entered the 13 with lots of arrears on the first mortgage. However, after the HAMP, the arrears is gone.

The unsecured stuff is not getting anything, so my "plan" might be to allow arrears on the first now, and stick with the 13 (gets rid of the second), and then let the trustee pay the first mortgage with the payments I make into the 13. I hold the cards imo, not them. And if they don't want to confirm my 13, then I will get get into a second 13. I got the control back, because I am beginning to understand my rights. Its a good feeling.

Going to meet with the lazy lawyer this week for the specifics.

Thanks again!

[tigergem]

made two payments into it, but its not confirmed yet, maybe that is why I am not seeing that?

My trustee did not make any distributions until after my confirmation.

[lrprn]

I think I am going to purposefully miss some mortgage payments and allow an arrears on it, to match the chapter 13 payback plan.

You do realize that the arrears will be after filing and so you will owe every penny you don't pay, right? And you also realize that missing even one mortgage payment after filing opens the door to your lender petitioning the court to foreclose on your home?

Bk isn't a game. Don't do something foolish just trying to get one over on your lender, the bk system, and your trustee.

[espo1357]

You do realize that the arrears will be after filing and so you will owe every penny you don't pay, right? And you also realize that missing even one mortgage payment after filing opens the door to your lender petitioning the court to foreclose on your home?

Bk isn't a game. Don't do something foolish just trying to get one over on your lender, the bk system, and your trustee.

Ya, you are right on the "don't do anything foolish" part.

Foreclosure is very unlikely in my situation, because I am 100k under, and I wasn't even in foreclosure status when I filed.

I am just two weeks behind on things, so, I am just going to bite the bullet and pay up everything.

You are absolutely correct.

[newbie2]

Yes, I have the same info, showing what I put into the plan. But, there is no information on the distributions to anyone.

Its going to get confirmed soon, so maybe that will change.

I think I am going to purposefully miss some mortgage payments and allow an arrears on it, to match the chapter 13 payback plan.

You would be playing with fire. Past arrears were included in your plan, not current arrears. Also, you are not even confirmed. The mortgage company can file to lift the automatic stay if you get behind again now.

Has your attorney modified your plan to show your lower mortgage payment (because of the modification)? If not you have to do this.

Espo, you really have got to try and stop the playing with the system game. It's eventually going to catch up with you and it probably won't be pretty. Edited: Just read LRPRNs reply. Please please listen to the advice.

[espo1357]

You would be playing with fire. Past arrears were included in your plan, not current arrears. Also, you are not even confirmed. The mortgage company can file to lift the automatic stay if you get behind again now.

Has your attorney modified your plan to show your lower mortgage payment (because of the modification)? If not you have to do this.

Espo, you really have got to try and stop the playing with the system game. It's eventually going to catch up with you and it probably won't be pretty. Edited: Just read LRPRNs reply. Please please listen to the advice.

I understand. I think its my lawyer that is out there.

Also, why would the mortgage company want a home that is over 100k under, and was not in foreclosure?

[newbie2]

Also, why would the mortgage company want a home that is over 100k under, and was not in foreclosure?

Because they get tired of people playing games. They modified your mortgage, they didn't have to. Now you are protected by a Chapter 13, and if you play games they will file for a lift of stay.