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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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so if the original loan can not be modified, and I am in an

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so if the original loan can not be modified, and I am in an arm which matures in Dec 2010.
does the payment set by the court adjust like the loan will, or is it set for the 3-5 years.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
HI and thank you for your question.
The chapter 13 must account for any balloon payments or ARM increases that come due after the case is filed. So if you have a balloon/arm then your payments must reflect that change if you do not modify the loan. If your trustee payment includes the post-petition mortgage payment, you will need to file a modified plan to adjust those terms so the trustee pays the correct amount. Good luck.
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