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Mortgage modification at end of BK

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    #1

    Mortgage modification at end of BK

    Our last BK payment is scheduled for mid May and discharge will follow. We are up to date on the mortgage, but we qualify for a modification that will lower the interest substantially and some needed home repairs should qualify for hardship status. What is the process for the court approving a BK? Do we have to submit information to the court or does the court just review the deal the mortgage company is giving us?

    Just not sure if we want to go through the hassle or if we should just wait for the discharge since it is only a couple months away.

    Thanks!
    Filed Chapter 13 on 3-31-10. 341 completed 5/20/10
    $2900+ a month 0% payback to unsecured creditors
    Discharged 6/30/2015
    Tags: None
    #2
    Out of curiosity do you have a lien strip ? What is your fico? Thanks! Good luck!
    Discharge date: October 2017 (will it ever get here?)

    Comment

      #3
      I'm not sure the court or trusee needs to approve a modification. If so, I think I'd wait. Or start the procees but don't sign the modification until the plan is complete. Talk to your attorney about the best way to proceed.
      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

        #4
        Just curious is your mortgage payments being made by the trustee ?? My trustee made my payments, I didn't have a choice which didn't matter to me . I have never missed a payment or been in arrears. I called them once about a refinance (just to inquire) and they wouldn't even talk to me about it as long as the bankruptcy was active . My lawyer filed some modification papers and they refused stating I had the income to pay my current amount....Not sure it would be worth it when I am done because I am finally at the point where I am not paying all interest anymore..
        Those who live in glass houses should not throw stones
        Chapter 13 filed 10-21-09
        Discharged 4-13-15

        Comment

          #5
          I don't think so. Fico is high 500s
          Filed Chapter 13 on 3-31-10. 341 completed 5/20/10
          $2900+ a month 0% payback to unsecured creditors
          Discharged 6/30/2015

          Comment

            #6
            Attorney says they do if we do it before discharge.
            Filed Chapter 13 on 3-31-10. 341 completed 5/20/10
            $2900+ a month 0% payback to unsecured creditors
            Discharged 6/30/2015

            Comment

              #7
              Yes, our trustee make the payments. Some trustees like to do it that way.
              Filed Chapter 13 on 3-31-10. 341 completed 5/20/10
              $2900+ a month 0% payback to unsecured creditors
              Discharged 6/30/2015

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