Posted on June 8, 2009 at 11:32 pm I'm doing everything that I can to save my house, I was thinking that since I'm filing bankruptcy anyway, Chapter 13 repayment plan, that I should include mortgage payment in it- if that is possible. Is it?

Posted on June 8, 2009 at 11:45 pm I heard that it is still in the works, senate hasn't passed the bill yet.

Posted on June 9, 2009 at 12:18 am What I meant was, I'd like for my regular mortgage payments to be lower if I would pay it inside of the plan, because there doesn't seem to be much difference between paying my mortgage inside of a plan or outside of it--the amount that I'd pay seem the same.

Posted on June 9, 2009 at 12:35 am I believe peterpanamerican was referring to Senate Bill S.61which I'll just quote because I'm not a lawyer:Section 1322(b) of title 11, United States Code, is amended-- (1) by redesignating paragraph (11) as paragraph (12), (2) in paragraph (10) by striking ‘and’ at the end, and (3) by inserting after paragraph (10) the following: ‘(11) notwithstanding paragraph (2) and otherwise applicable nonbankruptcy law, with respect to a claim for a loan secured by a security interest in the debtor’s principal residence that is the subject of a notice that a foreclosure may be commenced, modify the rights of the holder of such claim-- ‘(A) by providing for payment of the amount of the allowed secured claim as determined under section 506(a)(1); ‘(B) if any applicable rate of interest is adjustable under the terms of such security interest by prohibiting, reducing, or delaying adjustments to such rate of interest applicable on and after the date of filing of the plan; ‘(C) by modifying the terms and conditions of such loan-- ‘(i) to extend the repayment period for a period that is no longer than the longer of 40 years (reduced by the period for which such loan has been outstanding) or the remaining term of such loan, beginning on the date of the order for relief under this chapter; and ‘(ii) to provide for the payment of interest accruing after the date of the order for relief under this chapter at an annual percentage rate calculated at a fixed annual percentage rate, in an amount equal to the then most recently published annual yield on conventional mortgages published by the Board of Governors of the Federal Reserve System, as of the applicable time set forth in the rules of the Board, plus a reasonable premium for risk; and ‘(D) by providing for payments of such modified loan directly to the holder of the claim; and’.

Posted on June 9, 2009 at 12:40 am Which is a good thing peterpanamerican because I hardly understand it. This line is pretty vague I think:with respect to a claim for a loan secured by a security interest in the debtor’s principal residence that is the subject of a notice that a foreclosure may be commenced, modify the rights of the holder of such claim--The lines after must be referring to what can be modified, but that line, was it referring to WHO CAN ask the court for this modification?

Posted on June 9, 2009 at 12:47 am Does it mean that If ever that bill is passed, I can only avail of it, if my house is already being foreclosed or being sold, or will a notice of default be okay, better yet, will my original loan contract, if it states that a foreclosure is possible, suffice?

Posted on June 9, 2009 at 1:27 am The mechanisms in this bill needs tweaking. Not one among us understands the bill. I've been reading blogs about this and some people are saying that before it was modified:-It states that the bill will only apply to home mortgages made before the enactment of the legislation.(?)-To qualify, the consumer, before he/she files bankruptcy, should have already contacted his/her lender about his/her  inability to pay the loan. (what if the lender denies being contacted, then the consumer would not qualify for the modification?)-That before a lender gets questioned he/she should have committed a major violations of the Truth In Lending Act first, if it is just any legal violation of the act, then nothing.Some people are saying that before they pass this bill, they should come up with a testing system, something like the means test.

Posted on October 9, 2009 at 4:45 am Can a bankruptcy judge modify my mortgage?Nope not yet, judges can only oversee credit card and most loans modifications - but not yet mortgage.

Posted on December 10, 2009 at 6:13 am The Judge can order the 2nd and 3rd mortgages to be handled as unsecured debt which would releive the mortgage to some aspect.