Good morning! I mentioned yesterday that I have some BK news. This is good news, kind of. Potentially!
A couple of days ago, I got a letter from Chase, one of my creditors that filed a claim. They sent this letter/notice to the Bankruptcy court, me and my attorney.
At first when I opened it, I thought, OMGosh, this can’t be good, but as I read it, I was surprised and… confused.
Basically, Chase has forgiven the whole loan to the tune of $8000.00! I know. Why would they do that while they are guaranteed payment thru the trustee?
As it turns out, they were given a bail out and must use that soon or lose it and part of that is giving homeowners some relief. If I wasn’t in a BK I would probably not have gotten this letter though. They are sending out this relief to people in distress. I guess that makes sense.
But here is the kicker. Now…the trustee just takes what she was sending to them and disburses it to the other debts that filed a claim. One of the other creditors is Chase for my second!
Here is where the potential good news comes in. I mean, I’m not holding my breath, but it would be so so so awesome! I would die!
IF and this is a huge IF…. IF Chase sends me a letter/notice like this one for my second lien then all my liens on the condo would be gone.
The reason I’m doing a Chapter 13 is for the lien strip of those loans. If there are no longer any liens then I could convert to a Chapter 7 and be done early. I mean, that is probably not going to happen, things like that just don’t happen for me! I have never had a ship come in yet!
Its nice to dream and I RACED to the mailbox yesterday after work to see. I know that I will be holding my breath every time I go to the mail box now… for sure!
If something…. and here I go again dreaming… IF that were to happen and my credit score continues to rise:
I would finally be sitting pretty! We could sell the condo and move on with our lives! Find a nice two bedroom/two bath someplace and just continue to live frugally and life would be good.
A Debtgirl can dream! OH dare to dream!
Have a great day!