What is the name of your state? Maryland
I posted here a few days ago that the Maryland Trustee assigned to our Chapter 13 plan Objected to our Motion to Refinance and Payoff our Plan. I thought this would be the end of it. I have tried to contact my attorney but he has not yet returned my telephone calls because I went on PACER and it shows not only did this Trustee object, he has also called for a court hearing on July 22 at 11:00 in regards to his objection. Now this really scares me to death. Since he has already filed a motion to object, why do we need to go to court? Wouldn't his objection be good enough? Just to give you a brief summary of events, we filed our plan on Nov. 18, 2002 for a 5 year plan paying $720 month. On October 13, 2003, my job ended as the company closed its operations. I had this job for almost 18 years. So my atty said even though my job ended, our payment of $720 per month would continue to be withheld from my severance until my severance was gone. The atty said when the severance was used up, then we could file a motion to modify our plan for a lesser payment amount. I found a new job right away, October 16, 2003 in the same career field I am qualified for. However, this job (is my current job as well) pays almost $13,000 less per year. Therefore, our atty motioned to modify our plan in August 2004 to $280.00 per month. We went to court and the judge granted the motion. All was fine. Last month, a mortgage broker contacted us and advised that they have programs that help people in bankruptcy to refinance and payoff chapter 13 plans. After going over all the information, it appeared we could combine our two mortgages (which has always been current-never any lates)into one and save a fair amount a month. This would include paying off our chapter 13 plan. Our atty looked over all the documents and said he did not think the trustee would object to this as we are not getting any cash back and that we have paid 31 months into our plan and have always been on time. When we first filed on Nov. 2002, our home valued at $120,000. As of a month ago, it now values at $183,000. Home values have gone up tremendously in this area (Maryland) over the last year obviously. Between both mortgages and the payoff of our plan would be cutting it close with the new mortgage but it just makes it. However, after the atty filed the motion to modify, the trustee DOES object and also states that we modified our plan to a lesser amount a year ago, NOT IN GOOD FAITH, but only due to decreased income and relying on our home appreciation and only wanting to payoff the modified plan amount and not the original amount. This is what scares me. We did not modify a year ago for a lesser payment plan in hopes to refinance this year. We modified because I lost my job and my income is less than it was where I previously worked for almost 17 years. Can anyone please tell me why we have to go to court and what sort of major trouble could we be in just because we requested to try to refinance. I am so, SO SCARED because obviously the judges will always side with the trustees as we are the bad guys! Please Help!
I posted here a few days ago that the Maryland Trustee assigned to our Chapter 13 plan Objected to our Motion to Refinance and Payoff our Plan. I thought this would be the end of it. I have tried to contact my attorney but he has not yet returned my telephone calls because I went on PACER and it shows not only did this Trustee object, he has also called for a court hearing on July 22 at 11:00 in regards to his objection. Now this really scares me to death. Since he has already filed a motion to object, why do we need to go to court? Wouldn't his objection be good enough? Just to give you a brief summary of events, we filed our plan on Nov. 18, 2002 for a 5 year plan paying $720 month. On October 13, 2003, my job ended as the company closed its operations. I had this job for almost 18 years. So my atty said even though my job ended, our payment of $720 per month would continue to be withheld from my severance until my severance was gone. The atty said when the severance was used up, then we could file a motion to modify our plan for a lesser payment amount. I found a new job right away, October 16, 2003 in the same career field I am qualified for. However, this job (is my current job as well) pays almost $13,000 less per year. Therefore, our atty motioned to modify our plan in August 2004 to $280.00 per month. We went to court and the judge granted the motion. All was fine. Last month, a mortgage broker contacted us and advised that they have programs that help people in bankruptcy to refinance and payoff chapter 13 plans. After going over all the information, it appeared we could combine our two mortgages (which has always been current-never any lates)into one and save a fair amount a month. This would include paying off our chapter 13 plan. Our atty looked over all the documents and said he did not think the trustee would object to this as we are not getting any cash back and that we have paid 31 months into our plan and have always been on time. When we first filed on Nov. 2002, our home valued at $120,000. As of a month ago, it now values at $183,000. Home values have gone up tremendously in this area (Maryland) over the last year obviously. Between both mortgages and the payoff of our plan would be cutting it close with the new mortgage but it just makes it. However, after the atty filed the motion to modify, the trustee DOES object and also states that we modified our plan to a lesser amount a year ago, NOT IN GOOD FAITH, but only due to decreased income and relying on our home appreciation and only wanting to payoff the modified plan amount and not the original amount. This is what scares me. We did not modify a year ago for a lesser payment plan in hopes to refinance this year. We modified because I lost my job and my income is less than it was where I previously worked for almost 17 years. Can anyone please tell me why we have to go to court and what sort of major trouble could we be in just because we requested to try to refinance. I am so, SO SCARED because obviously the judges will always side with the trustees as we are the bad guys! Please Help!