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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15672
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hi. I filed Chapter 13 on June 9th, 2011. It was an emergency

Customer Question

Hi. I filed Chapter 13 on June 9th, 2011. It was an emergency filing. I followed up with a plan recently and received the filing dated June 23rd, 2011.
I did this to save my house. They had compounded my taxes at a rate that was not accurate.
My mortgage is the only debt I have. It is a $ 1,000,000. dollar loan. I owe $ 1,043,000.
Now for the questions.
- When do I make the payments to the trustee?
- When do I start to make my mortgage payments?
- I received an "annual mortgage review" that states I overpaid and will receive a refund check for $ 2,070.62. Not sure why this is.
- My mortgage statement also states that I do not have a payment due until August 1st. It includes my regular principal and interest plus an additional amount towards escrow. The total amount is very doable- I would not have done Chapter 13 if they had been willing to do this in the first place.
- I also received a letter stating that they will restructure my loan if I apply within 30 days. It is typed out personally and states not to drop my Chapter 13 until I get approved.

Any help at all is appreciated. Most important is when I need to make a payment to trustee or to my mortgage company? Creditor meeting is not for a few weeks.

Thank you!
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 3 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15672
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  WALLSTREETESQ replied 3 years ago.
Please provide information I need, did you have your 341 meeting?

Did you submit a plan?
Customer: replied 3 years ago.
Hi. Yes- I submitted a plan on 6.23.11.
Expert:  WALLSTREETESQ replied 3 years ago.
Since your 341 meeting has not come up yet, I would pay your mortgage at this point and not make any plan payments until the 341 hearing and the trustee approves the plan, in most cases the trustee will amend the plan, and make you change the terms.

You can also apply for a mortgage modification as well during the chapter 13 proceeding, until your 341 meeting and confirmation date, you should pay your mortgage, and your plan payments after the 341 meeting. Typically mortgages are paid by you, and the trustee would make payments on the other debts.
Customer: replied 3 years ago.
Thanks.

My mortgage statement reads that there is no payment due until the 1st of August. It shows that July was paid out of escrow funds and they owe me a refund of $ 2,010.

I don't care about the refund- but it worries me a bit. Just want to make sure this is not a ploy. Yep- paranoid a bit.

Since I have it on two different letters- do I just make the August 1st payment?
Expert:  WALLSTREETESQ replied 3 years ago.
I would make the August payment, but because you filed bankruptcy, the mortgage company cannot proceed with any foreclosure action or any lawsuit, so their is no harm if you do not pay it.

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