Getting the Confirmed Payoff Total

[drednm]

Lawyer is calling and geting final figures from creditors for a payoff....

The base plan figure is meaningless?

Will final payoff include penalties and interest?

Is any of this negotiable?

What else should I be prepared for in paying off?

[Jman30]

Lawyer is calling and geting final figures from creditors for a payoff....

The base plan figure is meaningless?

Will final payoff include penalties and interest?

Is any of this negotiable?

What else should I be prepared for in paying off?

Few questions.....how far along in your chapter 13 are you?? What is your % of payback?

I can tell you up front that there are penalities and interest and no, NONE of this is negotiable. The Trustee will never negotiate - for all effective purposes, they own you financially.

If you can answer the first two questions, I may be able to help more.

[drednm]

I was a third thru the base plan and to my knowledge I'm paying 100% of unsecured.... I still have no idea how this impacts my car payment they took over.... getting answers from lawyer is like getting blood from a rock

[Jman30]

How many months? Are you more than 36 months into it?

[drednm]

this has been a mess... my plan has never been confirmed after 22 months of payments.... My base plan exists and I've paid a third so far..... But no confirmation so I'm paying it off rather than drag on for another 3 years..... none of it makes any sense to me and no one gives definitive answers....

[Jman30]

Ok, let me ask it this way...don't worry about confirmation yet.

How many actual payments have you made on your Chapter 13?

[drednm]

18 payments so far and I've paid a third of what's listed in the base plan.... which includes my car.....

[bkdone]

It was my experience that there was no "official" pay off amount. The Trustee gave the title company a printout from the NDC website and told them how to calculat the pay off. The title company kept saying this wasnt official enough and it held up my closing for about 2 weeks. Finally, the title company accepted the printout and they did a form that I had to sign that said if the estimated payoff of the BK was too high or too low, then that was okay.

Basically, take the total "scheduled amount" and subtact whatever payments you have made. This is the payoff amount. I refinanced 26 months into a 56 month plan. My scheduled amount was $56,000. My payments were exactly $1000 per month. To pay off the BK, a lumpsum $30K payment went to the Trustee....($56K minus the 26 $1000 payments...$26K)= $30K payoff.

I live in Arizona and that is how they do it here!

[drednm]

my base plan has been listed at 64K and change and I've paid in like 26k .... BUT I'm afraid they will come up with huge amounts of back interest now that I've said I'll pay it off.... I don't trust the trustee or the attorney.....

PLUS part of my base plan includes the loan on my car..... and I get no answers from these jerks.....

[bkdone]

You have to remember this BK plan is court ordered...confirmed. They cant change the deal now. I had 2 cars in my plan as part of the $56K. The interest and the fees have all been part of the equation for the whole time. By filing a claim, the secured creditors know that they will get their principal due and some of the interest during the plan. The unsecured creditors agree to get a portion, even if your plan is at 100%. I know it is confusing.

Subtract your payments from what you started with... its just that simple. Ignore the other columns that show a higher amount. Like I said, I just did this the end of July.

[Jman30]

It was my experience that there was no "official" pay off amount. The Trustee gave the title company a printout from the NDC website and told them how to calculat the pay off. The title company kept saying this wasnt official enough and it held up my closing for about 2 weeks. Finally, the title company accepted the printout and they did a form that I had to sign that said if the estimated payoff of the BK was too high or too low, then that was okay.

Basically, take the total "scheduled amount" and subtact whatever payments you have made. This is the payoff amount. I refinanced 26 months into a 56 month plan. My scheduled amount was $56,000. My payments were exactly $1000 per month. To pay off the BK, a lumpsum $30K payment went to the Trustee....($56K minus the 26 $1000 payments...$26K)= $30K payoff.

I live in Arizona and that is how they do it here!

See, I live in Ohio and I had to get an "official" payoff. My lender called and requested it...he needed provide the Good Faith Estimate for the refinance to show we had real intention of paying off the Chapter 13.

And like you said, mine was pretty simple to guess by looking at NDC....the total amount I had in claims (Scheduled amount) and subtract that I already paid so far.

[bkdone]

No, you are right, I too had to provide the GFE to the court prior to approving the refinance. But as far as figuring how much was the payoff was done with the print out from NDC. The GFE showed the $30K amount, but that was what the lender and I estimated.

[drednm]

I just want the damned thing OVER WITH..... My base plan includes TWO accounts that are duplicated, one to the very penny, and another (thru Chase Bank) that varies by $1,000.... The account numbers listed are the same and now the idiot paralegal who is "gathering final claims" can't get the bank to admit these two accounts are the same account. UNREAL.... The lunacy goes on and on and on and on.....

Because I had previously tried for CH 7 I assume some moron simply listed the unsecured debt TWICE and now the fools can't figure out that there are duplicate claims.... If I don't have a stroke before this ends it will be a miracle...