Last 4 months of my Chapter 13!! However,RV loan which extends beyond 60 month plan.
I am on my last four months of my chapter 13, and I have to say this site was a comfort to me, always being able to clearly explain things I had concerns with. With that said I have a question of my own that even the attorney is stumped.
I have an RV I was able to keep as it was my primary residence. The loan for the RV is being paid within the plan, but should also extend beyond the plan which it stated in the original filing. However a few things have changed from five years ago....
The scheduled amount was 115,000.00 (estimate), the claim amount on the national data base says 62,000.00 (estimate). Now I assumed when my case reached the 62,000.00 which is pretty much paid in full, looks like it will be the date of my last payment in the plan. Remember this loan was supposed to extend beyond the approved plan.
There has never been any interest paid on this RV throughout the entire plan, as I lost that valuable tax deduction ever since I entered BK, the lender at that time (GE Money) told me only principle was being paid. This loan has since been sold 3 times, and I think someone has lost some information somewhere.
I recently contacted the lender for a life of loan history by my lawyers request, and found again that the trustee has only been paying the principle on this loan. Looking at the life of loan paperwork shows the principle of the loan, which is NOW only 4000.00 and not around 53,000.00 which should be the difference of what was paid in the plan and what should be there after I complete it. It looks like the current lender has lost or ignored the rest of the loan? Is this possible?
Does the Trustee tell the lender how much is owed on the loan? What happends to all the interest that wasn't paid on this loan? Is it all re applied and the original loan contract still in place? My lawyer simply said if the lender sends me the title keep it. Nice answer, but it can't be that easy.
Also when the trustee makes the last payment to them, do I contact the lender (or should I) and make arrangements for my payments of this loan to resume? Or should I wait and see if the lender sends a title? What exactly does the Trustee tell the lender of this loan?
Thanks!
I have an RV I was able to keep as it was my primary residence. The loan for the RV is being paid within the plan, but should also extend beyond the plan which it stated in the original filing. However a few things have changed from five years ago....
The scheduled amount was 115,000.00 (estimate), the claim amount on the national data base says 62,000.00 (estimate). Now I assumed when my case reached the 62,000.00 which is pretty much paid in full, looks like it will be the date of my last payment in the plan. Remember this loan was supposed to extend beyond the approved plan.
There has never been any interest paid on this RV throughout the entire plan, as I lost that valuable tax deduction ever since I entered BK, the lender at that time (GE Money) told me only principle was being paid. This loan has since been sold 3 times, and I think someone has lost some information somewhere.
I recently contacted the lender for a life of loan history by my lawyers request, and found again that the trustee has only been paying the principle on this loan. Looking at the life of loan paperwork shows the principle of the loan, which is NOW only 4000.00 and not around 53,000.00 which should be the difference of what was paid in the plan and what should be there after I complete it. It looks like the current lender has lost or ignored the rest of the loan? Is this possible?
Does the Trustee tell the lender how much is owed on the loan? What happends to all the interest that wasn't paid on this loan? Is it all re applied and the original loan contract still in place? My lawyer simply said if the lender sends me the title keep it. Nice answer, but it can't be that easy.
Also when the trustee makes the last payment to them, do I contact the lender (or should I) and make arrangements for my payments of this loan to resume? Or should I wait and see if the lender sends a title? What exactly does the Trustee tell the lender of this loan?
Thanks!
Comment