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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2889
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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How long can our mortgage company keep our loan in "active

Customer Question

How long can our mortgage company keep our loan in "active bankruptcy" status and not recalculate the loan after receiving bankruptcy discharge papers?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 2 years ago.
The bankruptcy case lasts 90-120 days or so. If you reaffirmed the debt, nothing should change. If you did not reaffirm the debt, then the debt is discharged, and that should be reflected in a short time after the notices go out.
Customer: replied 2 years ago.
I don't understand this answer. Our bankruptcy Ch. 13 was discharged last Oct. 2014.....9 months ago. Our mortgage co. received the necessary discharge documentation in November. Our mortgage payments are up to date so there is no problem. We are still according to them in "active bankruptcy" status. I don't understand how they can keep us in this bankruptcy status for this long. There were many changes also (taxes and insurance changes, as well as homestead) that will affect our payment positively for us but they as yet have not recalculated the loan. Again, my question is how long can they keep us in "active bankruptcy" status and fail to recalculate the loan which was due normally to happen LAST YEAR and it is already July of this year?
Expert:  Terry L. replied 2 years ago.
Ok, I will opt out for another professional to answer, as this is more of a mortgage question than a bankruptcy question. Each company has their internal policies on how they treat post bankruptcy cases, but if you are current on the terms, that is the most important part. Good luck.