What is the name of your state?What is the name of your state? Maryland
Last week we our atty filed a motion to refinance our home and pay off our chapter 13 plan. Our atty told us this should be no problem whatsoever and he highly doubts the trustee would have any objections. Our atty told us the creditors have until July 18 to object. If not, we should be fine. Today is Saturday. We just received a motion to the court in maryland by the trustee to objection the refinancing and pay off chapter 13 early motion. The reason the trustee objects is because when I lost my job in October 2003 due to the company closing the plant, we modified our plan to a lesser payment amount from $720.00 a month to $280.00 for the remaining 40 months of the 60 month plan. The trustee states that we modified our plan due to a decrease in income. And then the trustee says that we are now trying to refinance our home due to the appreciation in value and payoff the chapter 13 plan under the modified plan amount. The trustee states this was not done in good faith. How can he say this? We went before the judge when we modified the plan payments to a lesser monthly amount as we had documented proof that I lost my job due to plant closure. I went and got another job right away, in my career field, but making less than I made at my previous job. This is because there was no other job I could find making what I made at my previous job of 18 years. This really scares me to think that the trustee thinks we did this NOT in good faith. Furthermore, the only reason we trying to refinance now is because the value of homes have increased over the last year tremendously. I did not know my home would go up this much. But by refinancing both mortgages and paying off the chapter 13 plan, would help us tremendously. Does the Trustee have the final say? Do all the judges normally side with all the trustees? I just don't understand this because no matter what happens, the creditors are still only going to get the same amount over the next 3 years as they would be getting now if we were to pay off the chapter 13 plan. Why would the trustee object to this? We have made all of our plan payments on time and have not been any trouble. The only thing we had to change was to modify our plan to a lesser amount when I lost my previous job. What did I do wrong or why does the trustee dislike us? Can you please help? Thank you so much.
Last week we our atty filed a motion to refinance our home and pay off our chapter 13 plan. Our atty told us this should be no problem whatsoever and he highly doubts the trustee would have any objections. Our atty told us the creditors have until July 18 to object. If not, we should be fine. Today is Saturday. We just received a motion to the court in maryland by the trustee to objection the refinancing and pay off chapter 13 early motion. The reason the trustee objects is because when I lost my job in October 2003 due to the company closing the plant, we modified our plan to a lesser payment amount from $720.00 a month to $280.00 for the remaining 40 months of the 60 month plan. The trustee states that we modified our plan due to a decrease in income. And then the trustee says that we are now trying to refinance our home due to the appreciation in value and payoff the chapter 13 plan under the modified plan amount. The trustee states this was not done in good faith. How can he say this? We went before the judge when we modified the plan payments to a lesser monthly amount as we had documented proof that I lost my job due to plant closure. I went and got another job right away, in my career field, but making less than I made at my previous job. This is because there was no other job I could find making what I made at my previous job of 18 years. This really scares me to think that the trustee thinks we did this NOT in good faith. Furthermore, the only reason we trying to refinance now is because the value of homes have increased over the last year tremendously. I did not know my home would go up this much. But by refinancing both mortgages and paying off the chapter 13 plan, would help us tremendously. Does the Trustee have the final say? Do all the judges normally side with all the trustees? I just don't understand this because no matter what happens, the creditors are still only going to get the same amount over the next 3 years as they would be getting now if we were to pay off the chapter 13 plan. Why would the trustee object to this? We have made all of our plan payments on time and have not been any trouble. The only thing we had to change was to modify our plan to a lesser amount when I lost my previous job. What did I do wrong or why does the trustee dislike us? Can you please help? Thank you so much.