Countrywide has offered me a Loan modification. a fixed interest rate of 8% for five years. My attorney suggested I no longer needed to be in a 13 and he wants to convert me to a 7. He said the courts will take my car, but, not the house. This has been the longest year and a half of my life. I am waiting on the trustee approval. I hope all goes well. The stress has been overwhelming. Has anyone been in a similar situation? what happens next? I have to make the mortgage payment by October to be current.
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Since your lawyer knows your personal financial situation and the culture in your local bk court far better than we ever will, I would seriously consider taking his advice. And yes, you do have to make the mortgage payment in October and every payment after that if you want to keep the house.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 -
Jazzy,
Can you give a little more information relating to your loan modification? Were you currently in a 13 when they made the modification? How did you negotiate it? My mortgage company won't talk to me about anythign because I'm in an active 13.Filed Chapter 13 05/23/08
Converted to Chapter 7 Jan 2012
Discharged April 2012
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Chole, yes, I am in a chapter 13. I have sent Countrywide many letters and phone calls. They continued to deny me a loan modification. I applied with the Pennsylvania Housing finance Agency. While I was waiting on them to make a decision whether to take over my mortgage, Countrywide sent me a letter informing me that I was being considered for a Loan Modification. I really feel that the pressure is on Countrywide to begin to work with people who are facing foreclosure. I am determined to hold on to my Home by any means necessary. Harass your mortgage company like they do you. Have other agencies put the squeeze on them. But, don't forget to Pray.
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I think we will see more and more loan modifications in the future as Lenders are taking deeper and deeper losses on loans. It may be their only way out of going out of business themselves.
Their going to have to "work" with folks in order to survive themselves.
Yes, I too would be contacting whoever it takes to get things worked out if I wanted to keep my home.....
It's time for a "change" in the lending laws, considering our economy.....Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.Comment
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