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Roger
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Category: Bankruptcy Law
Satisfied Customers: 26413
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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I have been in bankruptcy 13 since 2/2012. My auto loan is

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I have been in bankruptcy 13 since 2/2012. My auto loan is in bankruptcy. My mortgage is listed in bankruptcy but I am paying it separately. In 5/2012 I became overwhelmed due to several hardships, such as back surgery from spouse and stroke from mother and crohns disease from sister. all at different times. My family lives out of town, it was expensive to travel back and forth. As of result, I began to pay my mortgage payment every other month and missed a couple of months. I am 11 months behind, I received from lender a motion to lift the stay from bankruptcy. I donot want to lose my home. I have been making payments since July 2013 monthly. Is it okay to have the mortgage release out of bankruptcy and see if I can get the loan modified. I currently have a modified loan with a great interest rate. Please advise.
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Roger replied 11 months ago.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question. I'll be glad to assist.

You'd likely be better off to file a motion to modify your plan and include the mortgage in your bankruptcy so you can pay it as part of your payment plan. This is so because IF the lender receives an order lifting the stay, it will be able to foreclose on the property - - and a modification is not likely to be approved if they're seeking to lift the stay.

Thus, you should discuss with your attorney the possibility of modifying your bankruptcy. That should be the best course because the lender is likely to be released from the stay if you don't do something like that.
Customer: replied 11 months ago.

When I started the bankruptcy in 2/ 2012 I had a arrears balance. Which is currently being paid on in my bankruptcy? Can I still file a motion to my plan to include the mortgage in the plan or is it considered in the plan already because I had an arrears?

Expert:  Roger replied 11 months ago.
The arrearage should be considered different than the monthly payments. But frankly, that's the only real way that you could try to stop their advance with the motion for relief from the stay.
Customer: replied 11 months ago.

My representative mentioned I would have to make catch up payments in addition to regular monthly payments. Is that the same as adding it or modifying my bankruptcy plan? Also suggested, I pay some of the funds which I willing to do, but it will be very hard to pay monthly payment and catch up payments.

Expert:  Roger replied 11 months ago.
IF you modify your plan, you would be able to pay the regular payments over time, and you could get a reduced monthly payment by extending the repayment terms -- which should be cheaper for you.
Customer: replied 11 months ago.

Thought about converting to a Chapter 7- if possible would I lose my house or can I reaffirm it along with my auto .

Expert:  Roger replied 11 months ago.
If you're in default, it's not likely that the lender would agree to a reaffirmation. If you were current, you could. If you're current on your car, you should be able to reaffirm it.
Customer: replied 11 months ago.

Thanks for your help

Expert:  Roger replied 11 months ago.
Sure. Glad to help. Please let me know if you have any other questions.

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26413
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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