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We are in the 3rd year of 5 year chapter 13 on our home.
We are in the 3rd year of 5 year chapter 13 on our home. The goal was to stay in our home, have the 2nd mortgage forgiven and either sell or continue in the home after the plan finished depending on our situation. We were paying an adjusted monthly amount + payment to trustee that was based on estimated loan Mod through the HAMP program. 2 yrs back our loan mod was denied by the lender but we continued, per advice of our attorney, to pay the adjusted payment amount according to the plan (without fail for the next 2 yrs). Just last Friday the lender notified us we were in default of loan agreement for $38,000. This was the sum delta from the actual monthly payment per our original note with the lender and the adjusted plan payment and that we had 10 days to pay to avoid foreclosure. Prior to entering chapter 13 plan, we had already been in default for $115,000. It is likely that even after we pay this $38,000 that the bank will also ask for the pre-petition default amount to also be paid to avoid foreclosure (which we can't do).We are paying our cars separate from this payment plan so the home is the only thing effected. The concern is if the home is now foreclosed on that the 2nd loan will essentially come back and become a personal debt no longer secured by the home. We are devastated to lose our home of 17 yrs and really want to know what our options are at this point. Is there anything short of paying the $115k + $38k in a balloon payment to stay in our home? The attorney we have has never been on top of the details from the beginning and we only did as we were advised (perhaps we should have been more diligent ourselves). Our remaining mortgage balance is $502,000 and even with the defaulted amount owed still has some equity (which is why I'm sure the bank has decided to foreclose).1. How can we stop foreclose?I realize this is a a lot to ask via this type of service, we need help.Thx
I would like to file an adversary proceeding against my creditor
I would like to file an adversary proceeding against my creditor in my chapter 13 proceeding for validation of debt I am representing my self. I received a loan modification and was issued a 1099-C for cancellation of debt. In my case, they are claiming I still owe the complete debt. They are attempting to get my case dismissed
This question is in regards ***** ***** chapter 13 case that is
This question is in regards ***** ***** chapter 13 case that is almost due for discharge (one month away). Debtor has a primary mortgage and a HELOC. Primary mortgage payment was part of the plan and is current. HELOC is NOT current and after discharge, there will be a foreclosure filed on her house due to the HELOC default. Debtor is looking for advice on the best strategy.Debtor has a parcel of land that she can sell after the discharge that would pay off the HELOC in full, but simply needs some time for the sale to go through (maybe a couple of months, post discharge). What strategies can be employed here?My thoughts -- please let me know if any of these work, AND please provide your suggestions:(a) Try to negotiate with the creditor? Can the bk department be contacted to see if we can work something out? How likely is this?(b) Maybe file some type of motion that would delay the discharge 30 days Rule 4004(c)(2) -- is this a possibility?(c) Anything else?Thanks for your help.
Wells Fargo has attempted to foreclose on our home while we
Wells Fargo has attempted to foreclose on our home while we were in Chapter 13 bankruptcy. They did this because our bankruptcy attorney failed to file a motion to seek court approval of a loan modification. We weren't notified of this until 3 months after our case was discharged.During the 5 year bankruptcy, Wells Fargo claimed they notified us of the deficiency by regular mail instead of certified mail. We never received any mail from them, nor phone calls or e-mails during the entire bankruptcy while they collected monthly payments from us.Now, after the case has been discharged successfully, we want to sue them for violation of the automatic stay and discharge injunction. They forced us into a new loan modification which cost us about $100,000.00 more than the previous loan modification, all because they failed to use Certified or Registered Mail.Our question to you is this: Does not using certified or registered mail seem like a weak defense to you to justify a potential foreclosure? It sure does to us. We as plaintiffs plan to challenge them on that issue mainly. That they lacked authority to foreclose because they never notified us properly.In bankruptcy and foreclosure proceedings regulations as of 2010, the lack of communications are a major part of arguments for court sanctions against lenders.
My husband and I are going through a divorce and up and
My husband and I are going through a divorce and up and filed chapter 13 during a t.o. hearing to pay me spousal support and money for our debt Question how does him filing chapter 13 effect me? I was just sending documents for a loan modification becausei got a little behind on tge mortgage since I was paying all bills for over 8 months by myself. The loan is in his name Can he try and sell the house and pay off his debt with me in it? We have been married for 30 years please advise.
I am considering bankruptcy chapter 13. I am in Los AngelesView more bankruptcy law questions
I am considering bankruptcy chapter 13. I am in Los Angeles California. I did a bankruptcy chapter 7 in April 2010. It was discharged. I am behind 4 months in car payments. I am behind 3 months in mortgage payment which is on permanent loan modification.I already passed the trial period. My mortgage bank sent me another loan modification package to see if they can further help me. This would be the 3rd modification in a period of about 1 year. I have credit cards balances and payments on time. I am behindon utilities and car insurance. I am upside down on the value of the house. I owe a 2nd for $200k on the house. I owe a 3rd for $100k on the house. What happens to utilities and services and vehicle repossessions and the house and the 2nd,3rd liens on thehouse? I also owe taxes to FTB and IRS, What happens to those? I just want time to pay them without repossession of house or cars and loosing service of utilities. I need that protection. Kindly advise.