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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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can my mortgage company (1st td) twice the value of the property

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can my mortgage company (1st td) twice the value of the property can my mortgage company (1st td) twice the value of the property be included in the payment plan. (if they agree)
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.

Hi JACustomer,

1) What does "td" stand for?

2) When you asked if the your mortgage company could be included in the payment plan, did you mean providing a payment of less than your regular monthly mortgage payment.

Customer: replied 2 years ago.
trust deed = td ..

preferably less but I heard that it must be same or more if delinquent ...with a cure by end of 5 year plan.
Expert:  cfortunato replied 2 years ago.
First mortgages cannot be "stripped" in a Bankruptcy, even if the house is worth less than the balance on the mortgage. (Only second mortgages can be "stripped".

I think this is what you wanted to know. If not, please let me know.
Thank you.
Customer: replied 2 years ago.
stripped by chapter 7 (insolvency) and chapter 13?
Customer: replied 2 years ago.
is this what used to be called 'cram down' which was removed from the Bankruptcy court.

Expert:  cfortunato replied 2 years ago.

Yes - "stripped" also means "cram down", and it is only available in Chapter 13 Bankruptcies, and only for second mortgages - unless you do not ever live in the property (the property is an investment property).

If the property is an investment property, a first mortgage can also be stripped/crammed down in a Chapter 13.

Customer: replied 2 years ago.
so on a 60 month plan with payments set by the court i then can discharge 2nd Mortgage (presently is variable rate)
Expert:  cfortunato replied 2 years ago.
Yes - the balance of a second mortgage can be discharged at the end of the 60 months.
Customer: replied 2 years ago.
it is a variable interest mortgage. how would would the monthly amount be set
Expert:  cfortunato replied 2 years ago.

The second mortgage will be treated as if it was an unsecured debt. This means the payment the second mortgage will get does not depend on the interest rate, it will depend on the principal balance.

 

 

Customer: replied 2 years ago.
so that if proposed plan allows for $100/mo based on my financials against $90k heloc it might be accepted or does it depend on acceptance of the creditor
Expert:  cfortunato replied 2 years ago.
Since your HELOC will be treated as unsecured, the Bankruptcy trustee will decide how much - if any - of your plan payment will go to the HELOC company.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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