Loan modification on a travel trailer; payment question

[lss177]

Hi, filed Ch 7 last week and wanted to (possibly) keep a travel trailer that we are way upside down on. Would like to do a loan mod with Bank of America to basically reduce the payment and amount owed on it.

I would prefer to not keep making the payments on it until we see if we can get a loan mod; but perhaps that is a Catch-22, payments must be -current- to be considered for a loan mod, right?

Not sure if I should be tossing money at an asset I may not keep.

Thanx!

[BAR]

My lawyer told me that a travel trailer is considered a luxury item, and isnt usually something that the trustee is going to let you exempt.

But my lawyer also told me that I can list it on the paperwork to surrender the trailer, and then just keep making the payments on it. And then the Credit union will probably just do a pay and retain on it. (the creditor doesnt want the trailer he told me, they want their money) Mine is through a credit union so I dont know what BoA will do in your case.

You may want to try this route and after you get discharged, (dont reaffirm the trailer in the BK) try to do a loan mod after the discharge. My advice to you would be to talk to your lawyer about it and see what he says. Of course Im not a lawyer and can only go on what I have learned myself.

[keepmine]

Might want to see if a 722 redemption financing will work.

https://www.722redemption.com