Bankruptcy and stop paying mortgage

[simon2020]

Long story short.

Started loan mod process 1/2009 with Countrywide and now of course -- Bank of America Mortgage

Bank took forever to even respond back with an offer.

Filed for ch 13 bankruptcy -- April 2009

Confirmed plan June 2009

Mortgage held outside the plan

Mortgage co. would not talk to me and told me to send them a letter indicating my lawyer said ok to talk to them about a loan mod.

They said they cancelled my "approved" loan mod because I filed for bankruptcy and must now start all over.

Paying on time with Trustee so no problem there.

Now that ch 13 plan in place, my 5 year ARM has increased by $400. I warned my mortgage company I would have to file ch 13 if they could not help with a loan mod. Keep in mind, they did approve me prior to filing, but dragged their feet - even past my confirmation stage.

They now have my attorney's letter but still dragging their feet.

Question: I am tempted to skip next month's mortgage payment since I am now being squeezed by the increase of the ARM loan resetting. btw, my plan is 100%.

What are the risks for skipping a payment since it is outside of the plan? I plan to use the (1) skipped mortgage payment to offset the increased $400 for future months just in case they take another 3-6 months modify my loan down - even if it's just down to the "intro" rate before the reset it would help -- my plan was written that way assuming it was fixed.

Has anyone been through this scenario - if not - what happens once I skip just one payment to BofA Mortgage? Will it affect my loan modification being approved?

Any input would be appreciated.

[mgallant]

Sorry, can not be much help with the BK, but I do have a question?

Did you say you filed BK 13 but got a 100% pay back plan? Doesn't that defeat the purpose of doing a BK?

[simon2020]

100% bankruptcy payback plan was to save my investment home. If I did not pay back 100%, then my attorney said I would have had to sell my home to pay off the creditors in a Chapter 7 liquidation bankruptcy which was NOT an option for me.

Secondly, all interest, late fees, etc are stopped cold when I filed. It would have taken me 85 years to pay off $50 k of unsecured debts with average interest rate of 30 percent.