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Possibly, though again I would go with "unlikely at best." Even if the creditor does not object, the trustee has to report to the court whether the Plan meets the criteria to allow it to be confirmed by the court, and I think you might have a tough time getting such a provision past the trustee since it is probably in violation of 506(b).
But, student loans also supposedly could not be modified with Chapter 13, but then the U.S. Supreme Court came out with the Espinosa (130 S.Ct. 1367 (2010)) decision (HERE) in which the Supreme Court essentially said the confirmation order is binding, so if you could get such a provision confirmed, it would probably be binding. But, again I am doubtful about being able to get it confirmed in the first place.
Another approach might be to use the recent Homeowners in Bankruptcy Relief Plan if your mortgage lender is one of the lenders therein. Essentially, on February 9, 2012, the U.S. Attorney General announced that it and 49 states had reached a settlement with the nation's 5 largest mortgage servicers to resolve mortgage servicing, foreclosure, and bankruptcy abuses allegedly perpetrated by those servicers. On April 5, 2012, the settlement was approved by the U.S. District Court for D.C. The banks are required to spend at least $17 billion on various forms of relief for homeowners. Homeowners may be eligible for modification, forbearance or forgiveness of principal, short sale, waiver of deficiency balance, and other relief.
So, if you're dealing with one of the mortgage servicers below, you can call the corresponding phone number to try to get something worked out:
Bank of America(NNN) NNN-NNNN/p>
Wells Fargo(NNN) NNN-NNNN/p>
See also http://nationalmortgagesettlement.com/
Believe it or not, this does seem to be working. GMAC contacted me last week (THEY contacted ME) and asked to reduce a Chapter 13 client's second mortgage balance from $94,000 to $67,000 principal and reduce the interest rate from 9.X% to 3.X%. I said "Uh... where do we sign?" We signed the "Non-HAMP Mortgage Modification" form they faxed me, and I filed a Motion to Modify Secured Debt with the court, seeking court approval of the agreement (which I strongly expect to get).
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