top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Question about paying off mortgage

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Question about paying off mortgage

    Hi everyone. I am at the end of my 36-month Chapter 13 plan. There was a snag at the end. My plan term was increased to 44 months because of an increased mortgage payment, but that took so long to take effect (over a year!) that by the time the new information was entered I had already finished paying off my unsecured creditors. My attorney went to court to request the plan term be decreased back to 36 months. The plan was confirmed, and my attorney informed me that my case was being referred to the Auditor for closing out. He said it may take four months.

    OK, so...I want to sell my house and buy a new one. I know I can't do that without permission until I actually get my discharge. I can wait four months. My question is...is there any reason why I can't pay off the second mortgage now? The money wouldn't actually come from me. My co-borrower received an inheritance and would like to stop paying 12.5% interest. My wages are no longer being garnished and I am paying both mortgages myself at this point. I don't want to ask my attorney because I don't want to draw any attention to myself. I just want this to be over. Could I get into any trouble by paying off the second mortgage prior to my discharge?

    Thanks for your help.
    Skouris
    Tags: None
    #2
    You don't mention whether or not you were paying back unsecureds at 100% or not.....??
    You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing

    Comment

      #3
      No, I was paying back unsecureds at 39%. They have all been paid their 39%, my car lease has ended, and the only debt I have left is the two mortgages that I am paying myself. The value of the house now is probably pretty close to the amount owed on the first mortgage, so I would really just like to pay off the second mortgage and be done with it, especially since money is available to do so. It is about $22,000. Thanks.

      Comment

        #4
        is your friend a co borrow on the mortgage? Have him/her do the transaction, not you. Have it come out of their account, not yours and be done with it.

        Comment

          #5
          very good advice. No point jeopardizing things this late in the game for sure. I would speak with your attorney about it also....
          You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing

          Comment

          Previous template Next

          bottom Ad Widget

          Collapse
          Working...
          X