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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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When you are paying house payments through Chapter 13, is it

Resolved Question:

When you are paying house payments through Chapter 13, is it all applied to principal?The total sum we paid would have paid off the house.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

How many mortgages are on the house?

If more then one mortgage, is the balance of the first mortgage more or less than the market value of the home?

Customer: replied 5 years ago.
Expert:  cfortunato replied 5 years ago.

When there is only one mortgage, the mortgage payments are dealt with in exactly the same way as before the Bankruptcy. In other words, the payments are applied to the principal and also to interest. The payments are not applied only to the principal.


I think this is what you wanted to know. If not, please let me know.
Thank you!

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