The chapter 13 bankruptcy repayment plan.. The idea is that whatever income is left over after you’ve paid certain allowed expenses must be devoted to paying your creditors. That is, you can’t devise a payment plan and still have money left over each month to go to the spa, or take a trip.
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Can a Foreclosure Happen After Bankruptcy Discharged the Debt? This is a very difficult concept for many people to understand. Several lawyer site profess having trouble getting clients to see the difference between a debt and its lien on an asset.
Do’s and Don’t’s When You Have Fallen Behind on Your Mortgage. Don’t file a Chapter 13 on your own (“pro se”). A Chapter 13 is a complex undertaking even when there is no mortgage arrearage. If you have a mortgage arrearage and are in foreclosure, you need to get competent help as quickly as possible.
· First, the attorney will file a motion with the bankruptcy court asking the court to approve the mortgage loan modification. Sometimes the motion has to be set for a hearing before the judge. Sometimes it can be on file for a set amount of time – often 24 days -.
The new rules were created to keep the mortgage lender and the borrower on the same page about what is to be paid and when. One reason people file Chapter 13 bankruptcy is because it allows them to avoid a home foreclosure by (a) curing a mortgage arrearage over time through a bankruptcy plan, and (b) making regular payments going forward.
DOES THE MORTGAGE CREDITOR GET INTEREST ON THE ARREARAGE PAID IN THE PLAN? By Jan Hamilton, Standing Chapter 13 Trustee Frequently, arrearages on real estate mortgages are paid through the plan. Do they bear interest or not? If they do, at what rate? While Judge Somers has (essentially on behalf of all of the judges [.]
My ex-spouse and I bought a house 4 years ago. I need to leave. How can I remove my name from the mortgage? My ex-spouse and I bought a house four years ago and the loan and deed are in both names. I.
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