What is the name of your state? Maryland
We have paid 26 months into a 60 month plan. We were told today from a mortgage company that they believe they could refinance/combine our two mortgages into one payment, and payoff the bankruptcy plan. I am so excited as this would finally give us a fresh start. My only fear is that will the Maryland court allow us to pay off our plan early? I am hoping and praying they will. The mortgage company asked what our payoff is for the plan. I really don't know so what I told them is that our plan payments are 280 a month times 33 more months we have left to pay on the plan. I am not sure this would be the actual payoff. Would this be a close figure or how does this work. Does Maryland trustees permit you to pay off your plan early? It is to my understanding you can payoff a plan early at any time. We cannot file for chapter 7 because when we filed in Nov. 2002, at that time there was not enough equity in our home to satisfy the 3 mortgages we had on it so they stripped the 3rd mortgage. If I file for chapter 7, I would then have the 3rd mortgage to payback. But it is my understanding I can payoff a chapter 13 plan early and would not have to worry about the stripped mortgage. Can anyone enlighten me on this matter? Your input would be greatly appreciated. Thank you very much.
We have paid 26 months into a 60 month plan. We were told today from a mortgage company that they believe they could refinance/combine our two mortgages into one payment, and payoff the bankruptcy plan. I am so excited as this would finally give us a fresh start. My only fear is that will the Maryland court allow us to pay off our plan early? I am hoping and praying they will. The mortgage company asked what our payoff is for the plan. I really don't know so what I told them is that our plan payments are 280 a month times 33 more months we have left to pay on the plan. I am not sure this would be the actual payoff. Would this be a close figure or how does this work. Does Maryland trustees permit you to pay off your plan early? It is to my understanding you can payoff a plan early at any time. We cannot file for chapter 7 because when we filed in Nov. 2002, at that time there was not enough equity in our home to satisfy the 3 mortgages we had on it so they stripped the 3rd mortgage. If I file for chapter 7, I would then have the 3rd mortgage to payback. But it is my understanding I can payoff a chapter 13 plan early and would not have to worry about the stripped mortgage. Can anyone enlighten me on this matter? Your input would be greatly appreciated. Thank you very much.