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First mortgage loan modification and plan payment

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    #1

    First mortgage loan modification and plan payment

    we filed backin in 8/2011, the plan for some reason (objections from others?) has not been confirmed, but we've been making payments since that time.

    we started our loan mod with US bank in 9/2011, and i just made my last trial payment, and it seems like my first mortgage will be perm mod at a much lower rate! (2% for the first 5 yr i think).

    however, this drops our mortgage payment by about $1000, and my lawyer said they need to file a motion with the trustee.

    would this make my payment go way up ? (like by 1000?)
    when i asked my lawyer, they said it's a 50/50 chance that the trustee will even object to it, has anyone had similar experience with this in CA?


    thanks!
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    #2
    Are there any other expenses you need to adjust in your plan? Have you noticed things in the past few months you may have forgotten about? Such as do you have home, car maintenance covered? Reasonable weekly/monthly expenses on spending categories, and so on?
    ~Staci
    Not an attorney, and never played one on tv. My responses are based on my own experiences & personal opinions.)

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      #3
      I'd say 50-50 chance they won't object. However, California almost tends to be its own country when it comes to their laws so make sure that advice you get is from someone in CA.
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        #4
        so what i was afraid of is that since we supposedly already entered in all those expense back in 8/2011, can we add on more?

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          #5
          Thats probaly why it was not confirmed yet. Bummer

          Comment

            #6
            If your mortgage payment decreased, the trustee is are of it, and there are no other changes in income or expenses, your plan payment is likely to increase, whether you are in California or any other state.

            Don't be too upset about it. The lower mortgage payment will long outlive your Chap 13.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment

              #7
              Originally posted by itlm062 View Post
              we filed backin in 8/2011, the plan for some reason (objections from others?) has not been confirmed, but we've been making payments since that time.

              we started our loan mod with US bank in 9/2011, and i just made my last trial payment, and it seems like my first mortgage will be perm mod at a much lower rate! (2% for the first 5 yr i think).

              however, this drops our mortgage payment by about $1000, and my lawyer said they need to file a motion with the trustee.

              would this make my payment go way up ? (like by 1000?)
              when i asked my lawyer, they said it's a 50/50 chance that the trustee will even object to it, has anyone had similar experience with this in CA?


              thanks!
              Hi, can you explain more about your previous plan .

              Comment

                #8
                we just got a letter in the mail says the trustee has received our mortgage loan mod, and they are not oppose to it. (but also says that non-oppsition doesnt mean she approves it either)

                wonder if it's just a standard letter or does it have any other meaning?
                (emailed my atty, and just waiting, but thought if anyone here might know)

                patty123, not sure what you mean by my previous plan?

                thanks.

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