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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.
What else can I help you with?
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.
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
Can you use the funds in your irrevocable trust to pay off your first mortgage?
Generally, funds in an irrevocable trust cannot be used to pay off a mortgage unless the trust document specifically allows for such distributions. The trustee must adhere to the terms set forth in the trust, which typically restricts access to the trust assets for the benefit of the grantor. If the trust permits, the trustee can manage the funds to pay off the mortgage, but this often requires careful consideration of the trust's purpose and the beneficiaries' interests. Always consult a legal professional for advice tailored to your specific situation.
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.
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.
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.
Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?
yes
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 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.
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.
Is first trustee capitalized?
No, "first trustee" is not capitalized unless it is used as part of a title or if it is the start of a sentence.
How does Chapter 13 Bankruptcy help a person?
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 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.
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
