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Can you include your mortgage payment in chapter 13?


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2009-02-17 19:00:13
2009-02-17 19:00:13

Back payments yes, forward payments must be kept current.


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You should be able to amend your plan to include it.

A Mortgage company can not help you get out of chapter 13 when your ten years is up then your be out.

Yes. A mortgage says that the loan is secured by the property. A "chapter 13" does not allow you to stop making payments on your mortgage.

There are many benefits associated with filing a Chapter 13 bankruptcy. The types of benefits that will result will depend on the facts of the case. Below is a few of the benefits available with filing a Chapter 13 bankruptcy.Pay Mortgage Arrears- You can set up a 3 to 5 year plan to pay mortgage arrears that are past due on your home. If you are in the process of being foreclosed and you are behind on your mortgage, you can set up a repayment plan for your mortgage arrears.Strip Second Mortgage- If your home value is below what you owe on your first mortgage and you have a second mortgage, you may be able to remove your second mortgage in a Chapter 13 bankruptcy.Pay Back Taxes- If you owe taxes to the federal and state government, you can set up a repayment plan through a Chapter 13 bankruptcy.These are just a few of the benefits that a Chapter 13 bankruptcy can provide.

The moment you propose your payment plan.

The plan of payment must be filed within fifteen days after the filing of the Chapter 13 petition. The plan must recite the debtors' finances, estimated income, and expenses with a payout over a three-year period (5 years if approved by the court).

only in chapter 13, you cannot use chapter 7 to catch up on past payments.

This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.

If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.

Maybe..but then it goes on for longer. Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts like cars (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.

No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.

Can you include a house in state a in a Chapter 13 if you are a temporary resident in state b?

A secured debt, that is something like a mortgage which has a claim on property, always has the right to claim the property as payment for that debt. Bankruptcy doesn't change that. You will not go bankrupt and have a result where you own MORE than you started with, while others are not getting paid.

Here is the short answer.........No. No lender will allow this. Lenders want you to be out of Bankruptcy.This is what I do refinance people out of bankruptcy early or arrange refinancing so that my clients can avoid bankruptcy or forclosure altogether. that is what you must do in order to refi your mortgage regardless of the mortgage status with your bankruptcy plan

Look here might help. Yes. A chapter 7 will normally only delay a sheriff sale (which may be sufficient time for the debtor to refinance the real estate and buy it out of foreclosure), but a Chapter 13 can stop the sheriff sale permanently without a refinance so long as the debtor structures his or her Chapter 13 Plan to cure the delinquency on the mortgage. However, in most states the Chapter 13 has to be filed BEFORE the sheriff sale or the house is lost in most cases. A typical Chapter 13 Plan which successfully stops a sheriff sale is one which is set up to pay the mortgage lender the entire amount of arrearage (including foreclosure attorneys fees and costs) over 3 to 5 years and requires the debtor to immediately begin regular monthly mortgage payments again. The mortgage lender is then required to treat the debtor as current again, and the debtor will then pay their regular monthly mortgage payments plus a Chapter 13 Plan payment which pays back to the mortgage lender whatever the debtor is behind on the mortgage. Once the Plan is paid off in 3 to 5 years, the debtor then only has his or her regular monthly mortgage payments left to pay off. The Chapter 13 Plan can (and does) include the debtor's other debts as well, but the payment of those other debts can cost substantially less through a Chapter 13 Plan than the sum of the other debts outside of bankruptcy (see your attorney). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

You can either try to modify your 13 plan payments, convert to a chapter 7, or dismiss your BK.

No. If the mortgage is in arrears and you are in foreclosure or cannot file a Chapter 13 plan, you will "surrender" the house to the creditor voluntarily. If you are current on your mortgage(s), nothing will happen to it.

Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.

If you mean, can they be included in a chapter 13, the answer is, they must be. If you mean, can you file a chapter 13 because of garnishments and secured loan payment arrears, yes, that's what chapter 13 is for.

When it pertains to a chapter 13, the trustee receives the payment amount stipulated in the approved BK, and disburses the funds in accordance to debt priority. Chapter 13's are more expensive than "7's" because of the additional work involved in the payment and accounting of debts.

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.

Yes you can file chapter 13 anytime that you want. Nothing stands in the way except for a prior filing in the last 7 years.

Yes, they can petition the court for the ability to foreclose while you are still in bankruptcy. This is called "relief from stay". If you do miss a payment, I would encourage you to call your lender and work it out. They cannot call you while you are in bankruptcy. They do not want to foreclose in this environment and are very willing o work things out.

Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.

There is no real "punishment"for not meeting the obligations of chapter 13 (which are usually pretty strict repayment plans). The negative side effect is that filing for bankruptcy will be on your credit report and your payment obligations will be due in full (rather than the reduced payment plans established by chapter 13) which can be very difficult.

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