If you are in Chater 13 and behind on two mortgage payments and now the mortgage company filed papers in bankruptcy court is it too late to pay?
Not necessarily. You need to contact the trustee of your chapt.13 and the mortgage lender. Foreclosures almost always end up as a loss to the lender. If you can make up the back payments and convince the lender that you can continue to make payments on time, they will probably be cooperative. However, the trustee also has a say in the issue, and can opt to have the 13 dismissed. Stay positive, and good luck!
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That is at the discretion of the lender. The majority of lenders, if they can be certain you will be able to meet your obligations, will work with you. Foreclosure is not something that lenders want to do, and try to avoid if possible.
Answer . There are several, if you want I can assist you in the process. I am a mortgage banker/broker. Feel free to contact me at my office 214)607-1445. If I cant help you, then I'll at least point you into a better direction..
If your Chapter 13 bankruptcy was dismissed for non-payment but you kept your mortgage up-to-date and now the mortgage company is starting foreclosure again is it possible to refinance after this?
this may be very difficult. You might have better luck talking to your attorney and getting back into a new BK 13. After some time you may be able to refi.
If you have never been late on mortgage payments and file bankruptcy can the trustee make you sell your house to have more income to pay creditors?
Answer . If you have a lot of equity they can take your house, but if your loan is about what the house is worth then they don't want it..... They want to be able to sell somthing to pay the creditors..... Answer . \nIt is very rare for a home to be seized and sold in bankruptcy; generally i…t is done voluntarily by the debtor/filer because they cannot manage the mortgage payments or a reaffirmation agreement is not possible. The state homestead exemption is what protects a home from a forced sale in bankruptcy or in a creditor lawsuit. (MORE)
What legal right do you have if your mortgage payment includes insurance and tax payments and the mortgage company does not pay?
Answer . Contact the State Agency that governs lending institutions. The name of the agency varies greatly from one state to another so you'll have to do a little local research but it should be quite easy.\n. \nThat seems a lot like fraud and you should go after these people as soon as possibl…e, but it's also possible that it's just an oversight. In any case, take care of it now. (MORE)
Yes, there is a federal program to help people in foreclosure. You should be able to locate a state or federally sponsored agency that will help you. Several of the biggest mortgage companies like to play games and lose your paperwork, change the person "assigned" to your case, never return phone ca…lls or respond to letters. There are starting to be lawyers who specialize in these cases, so check with your local or state bar referral agency. You may be able to file a chapter 13 with a plan to get current if you can do it within 3-5 years. Consult a local bankruptcy lawyer. (MORE)
Answer . \nThe only viable option would be to discuss the matter with the lender and hope that an equitable agreement can be made.\n. \nIn lieu of such, the petitioner should contact the BK trustee to find out if the Chapter 13 can be modified.
\n. \n Answer \n. \npa\nLate fee's accrue after 5-10 days... however, it is reported to the credit bureau if it is 30 days late.\n. \n. \n More Contributor Opinions \n. \nIt depends upon the terms of the mortgage, many lenders allow a grace period before assessing delinquent penalties.… (MORE)
If you had a foreclosure two years ago and filed a chapter 13 bankruptcy last year that was dismissed when will you be able to get a new mortgage?
\n. \n Answer \n. \nIn theory you can get a new mortgage anytime, but it is going to be more dependent on your credit score, how much equity you have, and your mortgage payment history over the past 12-months. Your grading will be determined by how long ago you filed the BK and how long ago …the foreclosure was filed, but you should be able to qualify for a new mortgage loan. (MORE)
In a bankruptcy what does it mean if a creditor filed a motion to release because you got behind on your mortgage?
Answer . \nThe lender is requesting to be removed from the bankruptcy procedure.\n. \nIf the request is granted the lender can foreclose on the property or take whatever action is allowed under the laws of the state where the property is located.
You are in your 47th month of a 60 month chapter 13 bankruptcy plan was never late with trustee or your mortgage you are waiting for court approvel to pay off early what are my chances of getting ap?
Your chances of getting approval to pay off a chapter 13 bankruptcyplan after 47 months is good. The court will review all informationincluding the ability to pay off the plan.
Can a mortgage company continue to report your debt as late after the bankruptcy is confirmed and you have continued to make monthly payments on time?
Answer . Payments in the last 12 months are reported on your credit report. The BK 7 and the previously late payments will continue to show on your credit report, but eventually your ontime payments will be the ones showing. You may be able to get a statement that the house was redeemed in the b…ankrupcy, but all late notices for the past 12 months and/or a notice of foreclosure will remain. (MORE)
If your mortgage company has received permission from the courts to foreclose and sell your home and the auction date is in six days can you file bankruptcy to stop the foreclosure?
Answer . Yes, generally if you file a Chapter 13 bankruptcy before the foreclosure sale, you can stop the foreclosure sale and get the mortgage put in current status again. I have filed cases within minutes of foreclosure sales and stopped them (though I don't recommend waiting that late in cas…e something goes wrong, because then you might lose your home).\n. \nVery generally speaking, after filing the Chapter 13 all foreclosure sales are immediately stopped by order of the Bankruptcy Court, called the "automatic stay" (which generally you want to be sure the court granting the foreclosure knows about so they don't sell it) and then the person who filed the Chapter 13 immediately begins making regular monthly mortgage payments again and also pays a Chapter 13 Plan to the court, and in the plan all mortgage arrearage must be cured over 3 to 5 years.\n. \nHowever, if you have filed other Chapter 13's in the recent past, your ability to get the automatic stay may be in jeopardy, so ask your attorney about this if you have filed bankruptcy before.\n. \nPlease note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks! (MORE)
Exactly how many chances do you think you should get? Hey that "they" your speaking about, it may well be my retirement savings....buy what you can afford, pay your bills, or get rid of it and live differently. it is not OK to mis mortgage payments. No everyone doesn't so it....a very, very small pe…rcentage of people do. And after getting Chap. 13 protection from having lied originally about how you would pay....to do it again...why not save everyone the trouble and just move out to something you can afford? Get some financial advice...maybe someone to really sit down and handle things for you....you've asked what now....7 very basic type questions that all indicate you ever relly understood you are actually expected to pay the loans you get and that you buy a lot of stuff....cars, time shares, more and more...you can't afford....nor do you feel you should have to pay for. (MORE)
Mortgage After Bankruptcy . You can, but you will get HORRIBLE financing! The BEST solution is to have the BK deleted. . Answer . Certainly but because you defaulted on your debts the lender will charge you a higher interest rate and may demand more collateral or equity in the property due t…o the increased risk (MORE)
You would need to find a lender willing to loan you money. However, if you're behind on your mortgage you would not be a good credit risk. If you did find a lender willing to refinance it would likely be a predatory lender who would hit you with thousands of dollars in fees at the closing. You would… owe more money and would still lose your home. Call the attorney general's office in your state to ask if there is an agency in your area where you could get credit counseling. (MORE)
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankru…ptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments.. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately. (MORE)
Removing a Second Mortgage . Chapter 13 Bankruptcy also offers an important, and often unknown, option to consumers who have a residential real estate mortgage, namely, removing a junior lien holder or "2nd" mortgage from your home.. If you purchased a home with 80/20 mortgages or if you took out …a second mortgage in the past few years, you may be able to remove the second mortgage. If the fair market value of your home is below what is owed on the first mortgage, the second mortgage can be removed and the debt associated with it becomes unsecured debt (treated like your credit card debt). In a Chapter 13 Bankruptcy, usually only a small, if any, portion of this type of debt is paid.. We will need to obtain an appraisal and comps to establish your home's fair market value. We will also need to obtain approval of the court. The mortgage company may oppose this motion. If they do, there may be further court proceedings. At this time, the mortgage companies are not typically opposing our motions to remove the second mortgages.. You will need to make all plan payments to obtain your discharge. Once you have the discharge, the second mortgage is gone. (MORE)
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
Can you seu your mortgage company.They have refused to help you catch your payments up.And now you have to file a chapter 13 to save your home.?
What would you sue them for? Living up to their part of the mortgage contract while you failed to live up to your part? Sorry, there isn't likely to be a cause of action, but you could consult an attorney to make sure.
Can your mortgage company refuse payments after filing Chapter 7 Mortgage was not included in Chapter 7 filing.?
You know, everything ---that is ALL assets and ALL liabilities are included in your bankruptcy...(yes, they may be given different positions, but they all MUST be included)...you don't pick and chose. How did YOU decide to not include your mortgage? To the first responder: Um... Yes, you can …eliminate anything you want from your filing. I'm going through it right now, and I am "re-affirming" my mortgage. Technically, I suppose it is still "listed" on the forms, but as soon as you re-affirm, you owe the debt again. To the original questioner: If you have filed the proper papers, your lender should not be able to refuse your payments (assuming they accepted the re-affirm), but you should talk to your bankruptcy attorney for more details. It would, I suppose, be possible for them not to accept the re-affirm, but then you would be out of the mortgage, and they would be stuck with the house, something I wouldn't imagine them wanting since they're in business to make money, not to own houses. (MORE)
What happens specifically after a motion to release is filed by mortgage company we can pay to current. Will the mortgage company force a borrower into foreclosure Payment was not accepted by CSR?
I suspect this is one of those your gonna have to make it happen. Really, especially under the market of today, a bank doesn't want to own your property and record another foreclosure....if you have the money to pay to current, I would think not only should they have to accept it...but who cares..….they probably want to...and get you back in the "performing asset" category! Don't accept no for an answer...but really...I can't see that they would say no to the money. (MORE)
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.
You filed chapter 13 on your home and car loan now your case has been dismissed can you contact your mortgage company and car loan to begin payment with them again?
Wow...I'm sorry but you really seem to have no idea of what your saying or involved with. You better get personal, individual help. You do not file BK on a thing... a this or a that. You file it. It effects everything you owe and everything you own. Some things are given priority and some things …are exempt. You make payments all the while under C 13 protection 9 abudgeted amount supposidly enough to pay the current amount due and make up for the amounts missed, so at the end of the BK, you are all caught up and just continue), so if you weren't, that may be why your case was dismissed. Dismissed doesn't mean resolved, settled, or satisfied...(that is discharged)....dismissed means you failed to do what was required to maintain the protection by the court and are no longer in BK. That's a bad thing. The creditors can now do whatever they legally want to collect...like foreclose, garnish, etc. (MORE)
You need serious financial help...as in education and budgeting. Maybe basic math. Clearly basics on many other things...like a promise (to pay is one), is a solemn commitment to all those depending on you to do so. Any money you get must first go to that commitment....absolutely first to those co…mmitments...because you already said it wouldn't be yours when you decided to spend it and give it to them, it is theirs...then any thing else you get to decide to spend. (And what is difference between not doing so and stealing?) Your obviously living above your means...pay your debts, and make your obligations, or change to where you can. Without doing what you have to, your just proving yourself bankrupt in many more ways than financial. And as first class on solutions to your problem, as you may think that the problem could be resolved if you could borrow to pay the late mortgage...but your recent BK makes that impossible: YOU CANNOT BORROW YOUR WAY OUT OF DEBT...only into more of it! (MORE)
If a person filed bk 13 and their mortgage company sells their loan does that mean the bankruptcy 13 is no more?
No. Nothing has really changed for the borrower. He/she just now owes the money to a different person. The mortgage has been sold, and is owned by a new person. Its status is still the same -- either current, late, or in default. The new owner/lender may choose to not pursue it, or may pursue it mor…e aggressively (e.g., foreclose). However, the borrower's protections under Chapter 13 are still the same -- the new owner of the loan has no better/worse status or more/less powers. (MORE)
A mortgage company usually has a set date that mortgages are due, i.e. the first of the month. Anytime payment is not received by the first it is considered late. However, most MC's have a grace period of 15 days; if it's not received in this time frame a late charge is assessed. If you mail the che…ck on the 6th and it doesn't get to the company until the 17th you will be charged a late fee. The mortgage company must receive the payment before the grace period expires. So in essence NO they can't charge you if they receive the payment by closing time of the last day of the grace period. They CAN charge you if you make the payment after business hours, because it is not considered received until the next day, there is no one to process your payment if the business is closed. (MORE)
No. You have to convert your c. 13 to a c. 7 or move to dismiss the c. 13 and then file a c. 7. You are not allowed to have two bankruptcies open at the same time. You should discuss this with your attorney or, if you are pro se (representing yourself), you should at least find out the problems and …benefits of each choice. (MORE)
Sorry, yes! You just now owe it to the people they owed money to, ie: the banks and the courts.. Basically, your debt to them is an asset those they owe want!. The companies filing bankrutpcy only allows IT to maybe get the right to not pay IT'S debts. It doesn't excvuse you from your obligations …one drop. In fact, those others - the creditorsof the BK company, will have the backing of the court to make sure youpay, as one of the courts main jobs is to find, preserve and make sure the assets of the bankrupt are distributed to those it wants to have it. (MORE)
Yes, but the effect on the liability for the mortgage may keep you from discharging the liability for the mortgage. Consult a local bankruptcy attorney.
Report? You mean on to credit reporting Cos, a private information service of business that share information? Sure. They can't attempt to collect it.. We live with the accurate history we make...and it won't be changed, like your being a late pay won't change..even after the BK discharge...late pa…y is what happened. (MORE)
I own 2 homes with mortgages. If I file for bankruptcy and have an IRA that can pay for one of the two homes can I keep it?
Get professional help NOW. Your IRA is exempt, doing what you suggest only would mean you could lose it, and the house, when losing neither is actually possible.
Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.
During bankruptcy proceedings, under normal conditions ALL collection activity stops. The mortgage company may not foreclose, take action against you, nor call you to collect. Of course, there may be exceptions to this.
depending on your situation, you could request to reaffirm those debts if the creditor is willing to accept and if you will be able to afford those debts...augusta, ga
Mortgage lates after filing chapter 7 Can a mortgage company report lates after filing of a chapter 7 and before a discharge?
Yes. That reporting to a credit agency of an item of fact, is not an attempt to collect the debt. Your not expecting you mortgage debt to be discharged are you?
Yes, late payments on mortgages can be reported. The chapter 7 discharges all unsecured debts, except for student loans, child support and certain taxes, and any balance due on secured debt after the collateral has been surrendered and sold. If you reaffirmed the mortgage and failed to make payments… during or after the chapter 7, that can be reported. Late payments can also be reported. Many states prevent penalties for late payments if the payment is made within a certain number of days, but they can still be reported as late if not made on or before the due date. (MORE)
A few days should be fine and many mortgage companies provide a grace period if someone needs a few extra days. Calling them will help and show your good intentions.
If my sister and her husband took out a mortgage with my mom as a cosigner and are now behind in their mortgage payments will my mom's estate responsible for the mortgage?
Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate …in your area who could review your situation and determine what the obligations are regarding the mortgage. (MORE)
Bankruptcy can help in several ways. A Chapter 7 can allow you to avoid being taxed on any debt forgiveness, allowing the foreclosure to go through. A Chapter 13 can allow you to propose a plan, if you have enough excess income to pay it, that will allow you to get caught up on any arrears. It will… also stop any penalties and late fees. In either a 7 or a 13, your unsecured debt will be discharged, though you may have to pay up to 100% of the unsecured debt in a Chapter 13. You may be able to negotiate a change in the terms of the mortgage or gain time to resolve your financial issues and pursue a short sale (selling for less than owed on the mortgage) or even be allowed to stay, maybe while paying something in lieu of rent. (MORE)
A one time missed payments may be overlooked. If they are frequent, then the lender may file to lift the automatic stay. If you fail to make plan payments, you risk the BK being dismissed.
No, but it helps. Many people pay their bills instead of buying groceries, but they can't sustain that for long. The test for bankruptcy is not so rigorous. If you spend what you should to live on, and you cannot pay your other bills as they come due, you can file.
You need to go to your lender's website and check there for online payment options. You need to go to your lender's website and check there for online payment options. You need to go to your lender's website and check there for online payment options. You need to go to your lender's website and c…heck there for online payment options. (MORE)
Yes. When you file bankruptcy you are required to fill out a number of forms. Schedule D is the form for Creditors holding secured claims and a home mortgage is a Secure Debt. You will have a complete list of all your creditors names, addresses, account numbers on a form called the Creditor's Mailin…g Matrix. The Bankruptcy court sends notification to all the creditors listed that you have filed bankruptcy. (MORE)
In such a case you will lose the house- the only thing you can do is either dismiss your bk petition (if you filed merely to take of your mortgage) or you can convert to a chapter 7 (this would deal with any debt other than your mortgage). Otherwise the Trustee will dismiss your bk petition- which w…ould allow creditors to continue collection efforts, and in the case of the mortgagee (i.e. lender)- to foreclose on the property. (MORE)
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Call your lender and ask them. Call your lender and ask them. Call your lender and ask them. Call your lender and ask them.
Can a mortgage company foreclose if you are a little behind in payments but you are still paying on your mortgage?
The problem is that you haven't really defined your terms. It makes a difference whether "a little behind" means "the next day" or "two months late." It also depends on the precise terms of your loan contract. In general, the contracts are written so that technically the mortgage company can begi…n foreclosure proceedings if you're late at all . However, foreclosure is enough of a hassle that most do not until you've missed at least two payments, and even then, making up those payments (along with late fees) is usually sufficient to stop the foreclosure. (MORE)
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
Although there is typically no consequence to paying a late mortgage payment, there is typically consequences to making mortgage payments late. These consequences typically include a late fee, increased interest rates, and a lowered credit rating.