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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2569
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Hello; We live in northern ca. after trying numerous times

Customer Question

Hello;
We live in northern ca. after trying numerous times to get a loan mod. From A.S.C. because my wife and father in-law were lay off.
A.S.C. gave us a joke of a loan mod. The only thing my in-laws and us could come up with was dropping the 2nd mortgage by B.R.
Are in-laws and us share the loan so they filed BR and got the 2nd drop. Situation is part of the in-laws agreement was that we stay current with mortgage and taxes. We are being told that we have to make the one missed payment and late fees up and can not add the missed payment and late fees to the chapter 13 with out having to pay the chapter 13 trustee our mortgage payment which in turn will add $300.00 to our mortgage of $2242.00 a month
How do you see this THANK YOU for your help. Tom
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.
With a chapter 13 plan, the total amount of arrears, late fees, attorney costs etc. owed on the date of filing can be paid over a 3-5 year repayment plan, consolidated with a percentage of any unsecured debt that may be owed.
A plan can direct the debtor to make direct payments for the regular monthly mortgage payments, or it can include those same payments in the plan, either way is acceptable.

If the case has already been filed, and these are costs for post-bankruptcy filing payments, then you will need to cure them directly with the lender, and cannot be included in the chapter 13 plan.
I couldn't quite tell your bankruptcy status based on the facts provided. Let me know if you have any other questions.
Customer: replied 5 years ago.

Our lawer tells us that if she adds arrears and late fees to the plan. The trustee must makes the mortgage payment though the plan.

 

 

If The plan can be wrote up with us making the payment and is turn down. I was told the trustee would charge $300.00 a month for making the mortgage payment. Is this a ball park figure.

Expert:  Terry L. replied 5 years ago.
The trustee gets a percentage of the plan payment as an administrative cost. This varies by state, and region. In Chicago, it is roughly 7%.
I always put the current mortgage payments outside of the plan to be paid directly by the debtor, but that is just my preference. Absent a local rule, you can put the arrears in the plan, and the mortgage payment outside the plan.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2569
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
THANK YOU
Expert:  Terry L. replied 5 years ago.
You are welcome, best of luck with the Ch13
Customer: replied 5 years ago.
THANK YOU TERRY. EVERY ITEM WAS WELL DONE, BUT I WAS UNDER THE IMPRESSION MY FIRST QUESTION WAS FREE. IF local rule WHERE CAN I FIND IT.
Expert:  Terry L. replied 5 years ago.
google your state and bankruptcy court. they will have a website...be sure to select the correct district (northern/southern etc.)


Sorry, this is a pay service.
Customer: replied 5 years ago.
THIS IS FROM EASTERN COURT OF CA.. Chapter 13 Trustee's Duties

(f) Administration of Debts. The trustee shall administer all debts except the following:

(1) Ongoing real property mortgage payments, provided, however, the Court may order that
such payments be made through the plan if, at the time of filing the petition, the debtor had
any arrearages related to the mortgage;

(2) An ongoing lease payment

BAD NEWS ? NOT SURE IF arrears, late fees, GO THOURGH TRUSTEE

Expert:  Terry L. replied 5 years ago.
This means current mortgage payments, so it says arrears can be paid thru the plan.   The court could order the trustee to pay current and arrears if it choses, or on motion by your lawyer.

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