In reading past threads you made, you mentioned that any definency balance becomes unsecured and is paid accordingly. But when is the definency balance actually determined, after foreclosure and sell of property or can it happen with just an appraisal to determine the market value before the homes are ever foreclosed upon.
-
-
For the purposes of "your" paperwork, you would do an estimate based on whatever you are using as a source of value for the home. You don't really need to care or worry about how the mortgage company determines the deficiency. -
The reason for the concern is the mortgage company is trying to already determine the 40K as the definency and be part of my 100% payback. This is soley based off the appraisal they did. The home is still in my name.Comment
-
talk to your attorney about objecting to their claim or if there is a timeline for objection.Comment
-
Yea, I'm not sure about my attorney. He never seems to answer my calls or emails. The last time I spoke to him, because my confirmation hearing isn't until 2/21, he made it sound as "don't bother me until it gets closer and then I'll call you". So I waited until yesterday to email, and of course still no reply.Comment
-
Keep in mind, the 100% payback is based on the amount you can pay into the plan...the only reason that your plan is 100% is because the amount you can pay into the plan equals or exceeds the claims.
If the mortgage company comes in and files a $40K claim, guess what...your percent will GO DOWN. Thus, you don't really need to worry about it. All it means is that your other unsecured creditors will get less, which is no big deal to you.
The pie (your payments) determine the total amount that is available to creditors. That amount is ultimately fixed by your disposable income. Your payment is not going to increase because your mortgage company files a claim for an unsecured deficiency.Comment
Comment