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can my mortgage company (1st td) twice the value of the property

Customer Question
be included in the payment...
can my mortgage company (1st td) twice the value of the property be included in the payment plan. (if they agree)
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 1 hour by:
11/6/2011
Bankruptcy Lawyer: socrateaser, Attorney replied 6 years ago
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39,498
Experience: Attorney and Real Estate Broker -- Retired
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Your creditors don't have to agree. You can set the payments for a secured creditor at whatever you can afford, as long as you maintain and cure the loan over the plan duration.

Hope this helps.


And, if you need to contact me again, please put my user id on the title line of your question (“ToCustomerrdquo;), and the system will send me an alert. Thanks!

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Customer reply replied 6 years ago
So if i have a 5 year chapter 13 plan I would need to become current by that point. This would be back payments plus present payment per month. can i request reduction in balance or interest in my proposed plan.
The lender may agree to reduced interest and possibly balance reduction.
Bankruptcy Lawyer: socrateaser, Attorney replied 6 years ago
You have the option of paying off the entire loan during the plan, based upon its net present discounted value, divided by 60, or you can maintain your current loan payments, and/or make 60 payments to cure any loan arrearages during the plan.

The lender can, but has no obligation to, agree to reduced interest and/or balance reduction. The bankruptcy code either permits your plan or it doesn't. If so, then the lender can't stop you. If not, then the lender can stop you, but may choose not to do so.

Hope this helps.


And, if you need to contact me again, please put my user id on the title line of your question (“ToCustomerrdquo;), and the system will send me an alert. Thanks!

socrateaser
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