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I am currently behind on my mortgage if I file a chapter 13…

I am currently behind on...
I am currently behind on my mortgage if I file a chapter 13 how much do I have to show the courts to be able to save my home my monthly mortgage is 1528 and I'm past due 38,794.03 I'm looking at prepayment plan of 5 years and my other living expenses are roughly 280 monthly
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Answered in 5 minutes by:
8/15/2017
LawTalk
LawTalk, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37,876
Experience: I have more than 25 years of experience in the practice of law.
Verified

Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

Once you file chapter 13, so long as you can pay the normal mortgage each month, in addition to the payment to creditors that will be determined by the court and your other living expenses, you will be allowed to keep your home. All of the past due mortgage payments will be paid through the bankruptcy process.

Based on the arrears in the mortgage, you will have to pay at least $650 per month into the bankruptcy court, and depending on what other debts that you are seeking to discharge, the amount could be greater.

So even if the mortgage is your only significant debt, you will need to show income of at least $280 plus $650 plus $1528 each month plus enough to pay your taxes.

You may reply to me again if you have additional questions, and I will be happy to continue to assist you.

I am not an employee of this site and I am only paid for helping you when you rate my service to you. Please remember to rate my service to you by clicking on the rating stars on your screen (preferably 5-Stars) so that I can be compensated for helping you. Thank you in advance.

I wish you and yours well in 2017,

Doug

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Customer reply replied 10 months ago
Im only filing to save my mortgage I don't have any other bills except gas and electric tele etc which is $280. I have enough income to cover all of that what are the chances that they will agree to it

The mortgage company will be forced to agree to it. When you file chapter 13 that is what happens. The mortgage company cannot foreclose and they must wait to get paid the arrears over the 5 years. This is a great way to save your home if you can afford the $2500 per month.

Please rate my service to you. Thanks in advance,

Doug

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Customer reply replied 10 months ago
Now should i wait to do the mediation first before deciding to file the chapter 13

Mediate with the mortgage company? Probably not. You are way too far in the hole to get a good deal from them.

You may reply to me using the Reply link and I will be happy to continue to assist you until I can address your concerns, to your satisfaction.

Please remember to rate my service to you by clicking on the rating stars on your screen so that I can be compensated for helping you. I am not an employee of the site and I am only paid when you rate my service to you. There is no cost to you related to your rating my service to you. Thank you in advance.

I wish you and yours well in 2017,

Doug

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This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might best suit your needs. If you are interested, for a very nominal charge of just $14 more I can offer you a personal phone conference during which there is no limitation on the number of questions you can ask of me, as opposed to continuing in this question and answer thread which is searchable and viewable by the public.

Doug

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Customer reply replied 10 months ago
one more question every semester i get a refund check from school that i can apply to the payments that will pay the arrears off sooner is there a way that i can negotiate that into the bankruptcy terms for example i continue to pay 1582 monthly thru chapter 7 and pay atlas 7800 per year for 5 years in a lump sum. Will they allow that
Customer reply replied 10 months ago
I'll do the phone convo for $14

All payments on the arrears MUST be paid through the bankruptcy court. You can pay additional into the court if you want but you can not get a discharge for at least 3 years even if you can pay it sooner.

I can't accept such a small amount for my call to you. My time is worth more than that. The best I can do for you is $49.

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Customer reply replied 10 months ago
Oh I'm sorry I read it wrong

Hi,

No problem,

If you don't need a phone call after all, would you please now rate my service to you so I can be paid for having assisted you? Unfortunately, your gratitude alone is not sufficient for me to be compensated for my having assisted you, as I am not an employee of the site, but an independent site expert. I am not paid unless you rate my service.

You can rate by simply clicking on the rating stars located on your answer page---preferably 5-stars. It is that easy.

Thanks in advance.

I wish you the best,

Doug

LawTalk
LawTalk, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37,876
Experience: I have more than 25 years of experience in the practice of law.
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