Confimation hearing today!

[bksmith12345]

Hi All,

Our confirmation hearing was this morning. My wife emailed our attorney's office and was told that Countrywide mortgage asked for an adjournment because of the strip of the second mortgage. They also hold the first. Is this common practice? Our new date is May 7th.

The funny thing is Countrywide sent us a letter in October saying not to use the Heloc because the value of our house is 36% less than what we refinanced it for in February 2007. The appraised value was $500,000 back then. Their letter said our house was only worth $319,000. Our first mortgage is $392,000 and the second is $75,000.

Why would they do this? Anyone have experience with this?

Thanks.

[lrprn]

Although it's discouraging to get a new confirmation date, in Ch 13 it really doesn't affect you. You still keep making the same payments until your case is confirmed, no matter how long it takes.

Frankly, the delay could have been requested because Countrywide is so overwhelmed by foreclosures and bks at the moment, their lawyers haven't looked over your filing forms and made a decision about the lien strip yet. This could be a simple way to get more time.

Did your lawyer have an idea why they asked for your date to be pushed?

[bksmith12345]

Although it's discouraging to get a new confirmation date, in Ch 13 it really doesn't affect you. You still keep making the same payments until your case is confirmed, no matter how long it takes.

Frankly, the delay could have been requested because Countrywide is so overwhelmed by foreclosures and bks at the moment, their lawyers haven't looked over your filing forms and made a decision about the lien strip yet. This could be a simple way to get more time.

Did your lawyer have an idea why they asked for your date to be pushed?

I just sent him an email. We shall see. I see that your plan took some time to get confirmed. When the plan is confirmed does the 60 month clock start ticking then? Or, does it start ticking when we sent our first payment to the trustee?

Thanks.

[lrprn]

When the plan is confirmed does the 60 month clock start ticking then? Or, does it start ticking when we sent our first payment to the trustee?

The 60 month clock (or the 36 month clock in the rare three-year plan) starts ticking when you send the first payment to your trustee within 30 days of filing.

All confirmation does is set the amount of your Ch 13 payment. It has no connection to the number of payments.