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What happens to avoided 2TD loan if ch 13 gets dismissed
Share the confirmation order, Nancy. I haven't had one like that entered
on one of my clients.
On Fri, May 6, 2016 at 1:24 PM, korompisn@yahoo.com [cdcbaa] wrote:
>
>
> Dear Listmates,
>
>
> What happens to the junior mortgage loan whose lien was avoided in ch 13,
> if debtor's case gets dismissed without a discharge? Does it usually get
> reinstated for the remaining balance at the initial rate, or does creditor
> accelerate the loan?
>
>
> Debtor had paid over 30% of the junior mortgage loan through the plan,
> along with other unsecureds, but now risks getting case dismissed.
>
>
> As background, Trustee filed TMD just now which is months before end of
> plan, requiring debtor to pay another 190k (most 2TD), which debtor does
> not have, to pay 100% of plan, up from 30%. Tee cited line in the Order
> stating that all income above a certain amount should have been pledged to
> the plan. Debtor had submitted all his tax returns for last 5 years, but
> trustee is only asking for this now.
>
>
> Thank you.
>
>
> Nancy Korompis
>
> Tel: 626-716-7763
>
>
>
Giovanni Orantes, Esq.*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
**Certified Bankruptcy Specialist, State Bar of California, Board of Legal
Specialization*
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*Board Certified - Consumer Bankruptcy Law - American Board of Certification
Commercial Litigation
Estate Planning
Outside General Counsel
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
Share the confirmation order, Nancy. I haven't had one like that entered on one of my clients.On Fri, May 6, 2016 at 1:24 PM, korompisn@yahoo.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Dear Listmates,What happens to the junior mortgage loan whose lien was avoided in ch 13, if debtor's case gets dismissed without a discharge? Does it usually get reinstated for the remaining balance at the initial rate, or does creditor accelerate the loan?Debtor had paid over 30% of the junior mortgage loan through the plan, along with other unsecureds, but now risks getting case dismissed.
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