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Chap 13 current mortgage

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    Chap 13 current mortgage

    like others i am upside down in my home value. I field 13 about 9 months ago and have been ontime with all payments. I am concerned about my motgage "arm" that starts in a year and will increase my loan to more than i can pay. Are there options for me without getting behind in payments? I understand Obama is helping thoes behind, but what about thoes who contineud to pay? Are there ways to modifiy under the new law? My bank wont return calls. I thought there was a FHA loan that 13 filers could qualify for a refi after a year of payments. Is this still possible?
    filed 13 07-31-08
    confirmed 10-28-08
    33 payments down 3 to go

    #2
    Originally posted by brokeNconfused View Post
    like others i am upside down in my home value. I field 13 about 9 months ago and have been ontime with all payments. I am concerned about my motgage "arm" that starts in a year and will increase my loan to more than i can pay. Are there options for me without getting behind in payments?
    Call your lawyer well in advance and let him/her know about the ARM increase. Your Ch 13 plan can be modified to accommodate it. If your ARM mortgage increase is greater than your calculated disposable income and your income hasn't increased since filing, it might even allow you to convert to Ch 7. Speak to your lawyer to find out what to expect in your situation.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !

    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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