From a 13 to 7???

[lilloarin]

Hi All, to give you some history, my atty. initally had me file a CH. 13 to hopefully strip the 2nd lien. He since met with the judge as the 2nd appealed and I can no longer strip it. I then asked my attorney if I can't strip the lien, can I go for a CH 7 and he said yes. My first was modified under the HAMP and I have been told that it's fairly easy to qualify for a modification on the 2nd if the 1st has been approved. My question is, is it more beneficial to do a CH 7 whereby discharging all debt faster than a 5 year plan since I can't strip 2nd anyway??? Any words of advice would be helpful. Thanks!

[newbie2]

Yes...if you qualify for a Chapter 7 then yes yes yes. Do it.

[momofthree]

YES! Convert and be done if that is an option.

[lilloarin]

Thanks so much, that's what I thought, but just wanted to hear from some of you!

[LostItAll2]

It looks like, according to my attorney, that I have to go Chapter 13 as well. If there is some way I could do a 7 I would like to do that. I am concerned about making payments for 3-5 years.

[lilloarin]

LostItall2, I think you need to check with your attorney to see if you qualify. However, in my case, my atty. said initially that I didn't qualify, but after showing all our expenses and income, this seemed to change. Good luck!

[lilloarin]

When converting, does anyone know if we need to provide more recent bank statements or is it fairly easy to convert?

[Pandora]

My first was modified under the HAMP and I have been told that it's fairly easy to qualify for a modification on the 2nd if the 1st has been approved.

Is your 2nd with the same lender as your 1st? If so, then you have a greater chance at modding the 2nd; but generally the 2nd modification that was SUPPOSED to be guaranteed with all HAMP perm. mod approvals - hasnt happened in most cases.

Congrats on getting a mod .

[Skipper]

Is your 2nd with the same lender as your 1st? If so, then you have a greater chance at modding the 2nd; but generally the 2nd modification that was SUPPOSED to be guaranteed with all HAMP perm. mod approvals - hasnt happened in most cases.

Congrats on getting a mod .

Hi,

FWIW I received a document out of the blue a few days ago from my mortgage company, offering to forgive my 2nd (HELOC) as part of HAMP, since I successfully completed a HAMP modification on my 1st. So it is happening....

Skipper

[cspa522]

I have a similar question...we received a letter right after our Ch.13 341 meeting saying the Trustee objects to the plan because he doesn't think we have sufficient income to make the plan work. If the recommendation came back that we should convert to a 7, what happens to our house and cars? We want to keep them. Our house is being paid outside the plan as it is.

Our confirmation meeting is set for 2/17. Thanks!

[Pandora]

Hi,

FWIW I received a document out of the blue a few days ago from my mortgage company, offering to forgive my 2nd (HELOC) as part of HAMP, since I successfully completed a HAMP modification on my 1st. So it is happening....

Skipper

Skipper

That's AWESOME! Man, wish our 2nd would've done that but since they were a CU and didnt get a "bail out", they refused to participate in any type of modification at all, resulting in us having to file 13 to strip it. You're one of the lucky ones!


Cspa: You should be able to keep them so long as you arent behind in payments or can work out something with the lender if you are. I believe you have to be up to date on payments in order to keep the house when you file Ch. 7. As to the cars, if you own them outright and they exceed the exemption allowances, the trustee may want to sell them - giving you the allowance after the sale.

Something you need to ask your lawyer for sure. Most plans for a 13 are objected to - its normal and par for the course. You have to show you can make it work.

[bjh317s]

When converting, does anyone know if we need to provide more recent bank statements or is it fairly easy to convert?

Yes, you have to provide the bank statements that include the date of conversion.