Variable rate mortgage adjusting

[Houseofcards]

Hey everyone - been a while since I came to visit you guys - hope everything is going well.

Our case was finally confirmed - we are making it day to day pretty well but still dealing with a few health issues - still though over all we are far better now than before we started down this road.

I have a question about our loan payment and hope someone who has dealt with this issue can answer it. We are in Nevada. Our payment to the TT includes our mortgage - the TT pays the payment monthly from our plan as a distribution.

We just got a letter from BofA - we continue to get monthly "information" statements from them regarding our morgtage. The letter states that our loan is adjusting next month DOWN by 2 percentage points. This means our actual house payment is going from 1572/month to about 1350/month. This will be our new payment for the next 12 months.

The question is - will our TT payment be adjusted down by this amount or will the payment stay the same ? I should add that when the escrow amount on the loan went up - the TT raised our plan payment by that amount. I can only assume it will go down - but maybe the TT will see this as an opportunity to get more for the unsecureds.

any thoughts?

thanks,
House of cards

[shellbell]

Hi House of cards. I have BofA and the same just happened to me. I printed out my last two statements and faxed to my attorney. He is filing a payment modification to reflect the change in interest rate.

This is the 3rd time I have had to do this since i also have an ARM. It is really no big deal to file a modification.

Hope this helps!

[MOMof3]

Well, we got screwed on this. We filed in 07 and at first our interest rate went up. The trustee of course upped our payments to cover the mortgage payment increase. Recently, it's gone down, lowering our payment, but the trustee says--NOPE, you have been able to pay the higher amount so you will continue to pay it! Ughh! More $ to unsecured. I hope you can do better!!

[shellbell]

MOMof3, that sucks big time! My loan was Modified and my payment went up and my Ch13 payment went up. But since my interest rate went down, I have decided to keep my plan payment the same. I am in 100% payback so it didn't really matter to me. Good luck with everything!!