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Loan Modification Court Authorization Ch. 13 LA - I'm confused
I have had this objection. In responding to the Trustee's objections, I simply say "Debtor does not intend to modify his/her mortgage at this time" (assuming that is the case). I think this will satisfy the Trustee, unless the plan is infeasible without a modification.
>
> I know that there were some emails exchanged about Motion for Authority to do a Loan Modification in pending cases, and it was my understanding that this Motion may only be required in a Ch. 13, for when there is an actual Loan Mod offer in place by the Bank, and the Debtor wants to go ahead with it. (Although, after some of the emails here, I'm not even sure about that requirement)
>
> However, I received a "miscellaneous objection" pre-confirmation from Kathy Dockery for a Ch. 13 (Judge AA), saying that "if the debtor INTENDS to modify a mortgage which encumbers the Debtor's real property or is in the process of completing a loan modification for a mortgage..., the Debtor shall obtain court authorization prior to completing the loan modification".
>
> So far, Debtor has not begun Loan Mod discussions yet, so I'm not sure why this objection is even being listed as a Trustee's Objection to Confirmation. And even if he does start to discuss LM with the lender, why does he need a motion to say he 'intends' to do the LM?
>
> (Bottom line, so far in my case, the bank is not asking for it, the Trustee is!)
>
> What am I missing?
> ... any insight?
>
> Thank you,
> Nikki
> (818-377-7477)
>
The post was migrated from Yahoo.
I know that there were some emails exchanged about Motion for Authority to do a Loan Modification in pending cases, and it was my understanding that this Motion may only be required in a Ch. 13, for when there is an actual Loan Mod offer in place by the Bank, and the Debtor wants to go ahead with it. (Although, after some of the emails here, I'm not even sure about that requirement)
However, I received a "miscellaneous objection" pre-confirmation from Kathy Dockery for a Ch. 13 (Judge AA), saying that "if the debtor INTENDS to modify a mortgage which encumbers the Debtor's real property or is in the process of completing a loan modification for a mortgage..., the Debtor shall obtain court authorization prior to completing the loan modification".
So far, Debtor has not begun Loan Mod discussions yet, so I'm not sure why this objection is even being listed as a Trustee's Objection to Confirmation. And even if he does start to discuss LM with the lender, why does he need a motion to say he 'intends' to do the LM?
(Bottom line, so far in my case, the bank is not asking for it, the Trustee is!)
What am I missing?
... any insight?
Thank you,
Nikki
(818-377-7477)
The post was migrated from Yahoo.