Hello,
I posted a few weeks ago. We are modifying our Ch 13 plan to surrender our investment property. I have submitted all of the paperwork and the attorney has submitted to the trustee. I am not sure how long it will be before we hear back on that? I would like to know it is approved and that investment property will soon be something we are not liable for anymore.
Also, we are trying to modify our 1st mortgage on our primary residence. In the original 5 year Ch 13 we were paying off mortgage arrears and doing a 2nd mortgage lien strip. While in our CH 13 we have once again fallen behind on our mortgage payments. I know.....bad news! I spoke with Nationstar on Friday. They said that it was not looking good for us to get a mortgage modification because their computer says we can afford the payment. I told the woman that we can afford the payment, but the problem was that we are behind. She said my best bet is to start sending in as much as I can to get caught up while I still have the protection of the CH 13. They say they are not charging late fees while in the CH 13.
The house has gone up in value, and we actually have equity now (with the 2nd lien strip). We have at least $40,000 in equity at this point. The second mortgage was for $35,000 (so there it is).....Anyway, the amount that I am behind on my mortgage is way less than $40,000. So it seems that it makes the most sense to just try to get caught up on the payments before my plan ends in March 2015. I am trying to see it as that I am loaning myself money now that I will get back after my plan is discharged and we sell the house. I know that I owe that money, because I fell behind, but I may have an easier time throwing any money that I can at it if I view it this way.
My husband says that it is just speculation assuming that we will actually make it to the end of the plan (15 more payments), get the BK discharge, and be able to sell the house. But in my neighborhood in this price range, they have been selling quick. As long as we stay employed and no major disasters occur, and I send in my tax refund, and the extra payments I can make the few months when there are 5 Fridays in a month, I think I can get it caught up.
Will there be any snafoos with this plan? I plan to get it caught up while still in the CH 13, then Attorney said once I receive my discharge papers I take them to the county clerk to have the second lien removed, and then I would be all set to list it for sale??? Is there a chance at that point Nationstar can tack on late fees or other fees that I am not aware of now, to sabotage this process???? Is it possible to put a house up for sale right after receiving discharge and getting the 2nd lien removed???
My other options would be to not catch up and surrender the house, or to possibly convert to a Ch 7 (we are just under median now according to paperwork for the modification. But, it seems silly to get this close to the end of the plan, and to loose the opportunity to sell the house with equity in it.
Thanks in advance for any insight you can provide!
I posted a few weeks ago. We are modifying our Ch 13 plan to surrender our investment property. I have submitted all of the paperwork and the attorney has submitted to the trustee. I am not sure how long it will be before we hear back on that? I would like to know it is approved and that investment property will soon be something we are not liable for anymore.
Also, we are trying to modify our 1st mortgage on our primary residence. In the original 5 year Ch 13 we were paying off mortgage arrears and doing a 2nd mortgage lien strip. While in our CH 13 we have once again fallen behind on our mortgage payments. I know.....bad news! I spoke with Nationstar on Friday. They said that it was not looking good for us to get a mortgage modification because their computer says we can afford the payment. I told the woman that we can afford the payment, but the problem was that we are behind. She said my best bet is to start sending in as much as I can to get caught up while I still have the protection of the CH 13. They say they are not charging late fees while in the CH 13.
The house has gone up in value, and we actually have equity now (with the 2nd lien strip). We have at least $40,000 in equity at this point. The second mortgage was for $35,000 (so there it is).....Anyway, the amount that I am behind on my mortgage is way less than $40,000. So it seems that it makes the most sense to just try to get caught up on the payments before my plan ends in March 2015. I am trying to see it as that I am loaning myself money now that I will get back after my plan is discharged and we sell the house. I know that I owe that money, because I fell behind, but I may have an easier time throwing any money that I can at it if I view it this way.
My husband says that it is just speculation assuming that we will actually make it to the end of the plan (15 more payments), get the BK discharge, and be able to sell the house. But in my neighborhood in this price range, they have been selling quick. As long as we stay employed and no major disasters occur, and I send in my tax refund, and the extra payments I can make the few months when there are 5 Fridays in a month, I think I can get it caught up.
Will there be any snafoos with this plan? I plan to get it caught up while still in the CH 13, then Attorney said once I receive my discharge papers I take them to the county clerk to have the second lien removed, and then I would be all set to list it for sale??? Is there a chance at that point Nationstar can tack on late fees or other fees that I am not aware of now, to sabotage this process???? Is it possible to put a house up for sale right after receiving discharge and getting the 2nd lien removed???
My other options would be to not catch up and surrender the house, or to possibly convert to a Ch 7 (we are just under median now according to paperwork for the modification. But, it seems silly to get this close to the end of the plan, and to loose the opportunity to sell the house with equity in it.
Thanks in advance for any insight you can provide!
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