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In my state the trustee can not order this but each State has a percentage of the equity in the home that may have to be used to pay creditors. You can tell the Trustee that you will refinance the loan if you need to after one year. You can Show them FHA Guidelines that state you must make your payments for one year on time before you can refinance or buy another home. You can do this even if you are still in a chapter 13. However your paments can not be more than your piti [ your payment, insurance, and taxes per month. pmi also it you have this ]. You can midigate this by getting an appraisal showing the trustee you do not have the equity in your home. Ask your attorney what the ratio is in your state concerning equity.

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โˆ™ 2015-07-15 21:10:13
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Q: Can the trustee order a refinancning of first mortgage in chapter 13?
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If your mortgage arrears were included in Chapter 13 and when you refinanced you had to pay the arrears to the mortgage company and also to the trustee do you get this money back and if so how?

Your trustee is the only person who can advise you. However, it has been my experience (mortgage lending) that you must first obtain the trustee's permission to refinance and I believe the full amount is always due to the mortgage company.

Can you change from a chapter 13 to a chapter 7 if you have 1 year or two to go in your bankruptcy in Louisiana if so how?

Converting a 13 to a Chapter 7 is not uncommon and is usually allowed. The first step in the procedure should be contacting the Chapter 13 BK trustee. The trustee will be able to inform the involved parties if they qualify for the conversion.

Does the trustee in chapter 13 cases in North Carolina take your tax refund?

I spoke to my lawyer about it and he said that he has never know the trustee to take the refund in this district. I would advise you to talk with your lawyer, I am sure your case wasnt his first and they should have a history with the trustee.

Filed chapter 7 bankruptcy is second mortgage gone?

If you are keeping your house and you have a first and a second, your second will not go away. If you are letting your house go, then the first and second will go. If your house is more than or equal to your first mortgage and you file a chapter 13, then your second will be "gone" in the end.

What is the benefits of chapter 13 bankruptcy?

There are many benefits associated with filing a Chapter 13 bankruptcy. The types of benefits that will result will depend on the facts of the case. Below is a few of the benefits available with filing a Chapter 13 bankruptcy.Pay Mortgage Arrears- You can set up a 3 to 5 year plan to pay mortgage arrears that are past due on your home. If you are in the process of being foreclosed and you are behind on your mortgage, you can set up a repayment plan for your mortgage arrears.Strip Second Mortgage- If your home value is below what you owe on your first mortgage and you have a second mortgage, you may be able to remove your second mortgage in a Chapter 13 bankruptcy.Pay Back Taxes- If you owe taxes to the federal and state government, you can set up a repayment plan through a Chapter 13 bankruptcy.These are just a few of the benefits that a Chapter 13 bankruptcy can provide.

Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?


Can you sell your car and pay off the loan after filing chapter 7 but before the discharge?

Well first and foremost I would not suggest doing so without first consulting your attorney. If you are representing yourself contact the trustee administering the case. However with that said the clearest answer is you cannot until the trustee has abandoned their interest in the property. If a trustee has done so it will be a part of the case history.

Why does the second mortgage holder have to approve of the first mortgage refinance?

the first mortgage is collateral for the second mortgage.

Who gets paid last in a Chapter 13 Bankruptcy?

In a Chapter 13 Bankruptcy who gets paid last? Creditors, Trustee, their attorney or their lender? ALL ADMINISTRATIVE COSTS - TRUSTEE, ATTORNEY ARE PAID FIRST - BEFORE ANYTHING ELSE. The others sort of depend...a lender is a creditor...if a secured lender...probably before any other.

Can you file chapter 13 bankruptcy keep your house but get rid of a second mortgage?

It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.

What type of services does First Option Mortgage offer its patrons?

First Option Mortgage is a mortgage lending company which offers many services to its patrons. Some of the services which First Option Mortgage offers are mortgage loans and mortgage calculators.

Can a trustee of a house quitclaim it to another person?

First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.

Can bankruptcy cause your oil and gas lease to be liquidated?

Yes, leases are property rights and would therefore be considered assets subject to liquidation by the BK trustee- this applies in chapter 7 BKs. In chapter 13 BKs, you would still be able to keep all your property (assumes creditors would collect more in a chapter 13 than a chapter 7, otherwise you would not qualify to file chapter 13 in the first place). If the leases themselves have very little value then its likely that the trustee would "abandon" the property back you you.

What if you pay your first mortgage but not your home equity?

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.

What does a substitution of trustee do in a foreclosure?


What are the legal rights for the first successor of an irrevocable trust?

The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.

When was First California Mortgage created?

First California Mortgage was created in 1977.

What are the dangers of a second mortgage foreclosure?

The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.

Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?

In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.

What does substitution of trustee mean?

Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized " the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something.

Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?

The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.

What bank is servicing the mortgage held by first nationwide mortgage?

First Nationwide Bank

Does a sheriffs deed of trust eliminate a 1st Senior Mortgage?

No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.

You sold your house in a short sale The first mortgage was forgiven but the second was an equity line The bank said you had a mortgage dificiency Can you file bankruptcy now for the deficiency?

Yes, you can file a Chapter 7 to have the debt liquidated or a 13 to go into repayment.

If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?

The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services