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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39045
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I just filed chapter 13 due to waiting for the bank to do a

Customer Question

I just filed chapter 13 due to waiting for the bank to do a loan mod, after all the delays they had a forclosure date for sale my only option to keep the house was to file. So now thru the court what are the chances of a reaffirmation, or renegotation of my loan I have @ 20k in late fees. My loan was purchased by a new company now there are pre payment penalties which i never signed for and @ 8k in escrow money that was to be paid to my creditors but never was now the balances are charge offs what happens to this monet?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

If you can create a bankruptcy plan that lets you catch up on the mortgage during the next 5 years, then you can keep the property. Otherwise, the lender can get relief from the automatic bankruptcy stay and foreclose.


As for the extra fees, if you can show that they are not costs of collection on the note, then the bankruptcy court will discharge them. Otherwise, they will be tacked on to the loan.


Hope this helps.


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