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  1. #1
    Join Date
    Mar 2008
    Posts
    9

    Default First Mortgage Listed As Unsecured and Change of Income While in Chapter 13

    My question involves bankruptcy in the state of:

    Hi there, I have a few questions that hopefully someone can give me some insight.

    First of all. I was recently sent an Annual Report from my trustee ( the first and only that I have ever received) When I filed chapter 13 almost 3 years ago, I included my late house payments into the BK to save my home. I also had my second mortgage stripped down.

    I just recently discovered that 1st mortgage is listed as unsecured on my annual report at @ 6%.The second mortgage shows as unsecured but that is expected because of the strip down. The mortgage arrears show as secured but with $0 paid, $0 owed, $0 allowed, and stop disburse.

    What am I supposed to make of this ? I am more than half way through my 5 year plan and no money whatsoever has been paid to my mortgage arrearages ( the main reason I filed chapter 13)

    If the trustee has made a mistake, who is responsible ?
    Can a first mortgage be unsecured?


    Also, We are now below the State Income Median, we weren't when we initially filed chapter 13. We have lost some income and have gained some additional medical expenses since we have filed. We have never been late on our payments and haven't had any problems being able to afford it, until this past year. We have had some unexpected problems these past few months and were given a 3 month payment suspension. My payment is scheduled to resume in Feb but I am terrified that I won't be able to afford it now. I was injured at my new job in Nov , one week after we were granted the suspension and I have not received any income in 2 months. Even when I do begin to receive workmans comp benefits our monthly living expenses take up almost all of our income, leaving very little to pay the plan.

    My question is...since we are now below the Median Income can our plan be changed to a 3 year instead of a 5 year ? Or, can our payments be lowered to an amount that is more affordable to us ?

    Thank you so much for any advise

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: First Mortgage Listed As Unsecured and Change of Income While in Chapter 13

    Your credit report is simply your credit report. An error on your credit report does not change the nature of your debt, the amount owed, or whether or not it's secured.

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