Category Archives: Chapter 13 Bankruptcy

What Is Mortgage Arrearage?

Mortgage arrearage is the amount you are behind in

Mortgage arrearage
Mortgage arrearage

your mortgage payments.  Not behind like in the picture,

Behind as in missed payments, plus late fees, plus, well,

some other things.

Mortgage Arrearage

Interest accrues on the unpaid balance of a loan, so if you cannot make your mortgage payment, the balance goes up, not down, by more than just the payment you missed.

Mortgage companies charge late fees if you are, usually, more than ten days late.

If you did not get insurance, the mortgage company will buy it, and add that amount to your balance, and the arrearage goes up.

Same with property taxes.  Liens for unpaid property taxes trump mortgages, that is, the government can foreclose for unpaid taxes and get your house WITHOUT paying the mortgage company anything.

So, all mortgages, from the banks anyway, allow them to pay the property taxes if you do not, and, add that to the mortgage arrearage.

Mortgage contracts usually allow any cost of collecting the mortgage to be charged to you, which could be BPO (broker price opinion) if they are getting ready to foreclose, title search, “inspections” that are someone driving by to verify the home is occupied, costs of publication in the Legal News, and: (drumroll) the ever popular “attorney fees.”

There are limits, by court, statute, regulation on most of these charges, but, they all get included in the mortgage arrearage.

Chapter 13 Bankruptcy

Chapter 13 is a payment plan bankruptcy, which can give you up to five years to catch up on, yes, mortgage arrearage.

Many courts limit that to three years, but, that is more than a mortgage company will give you.

You have to pay the Chapter 13 trustee, who keeps a percentage to run the office, and she pays the first mortgage, plus, something on the arrearage.

Of course, your budget has to be real, and, show that you have enough left over after living expenses to make your Chapter 13 plan payment to the trustee.

And, in bankruptcy court, you can object to the mortgage arrearage claimed by the mortgage company, if the amounts are unreasonable or otherwise violate the applicable statutes and regulations.

Before the 2007-08 crash, this was the reason for most Chapter 13 bankruptcies.

It is still a good deal, if your house is worth more than you owe on it.

And, if your income went down for a while, but, is back up, so that you do not have the 6 months, or whatever, payments that you missed, but, you can afford to pay more for the house, as that is the only way to pay off the mortgage arrearage.

 

 

Digiprove sealCopyright secured by Digiprove © 2016 Kurt O'Keefe

Chapter 11 Bankruptcy: Not Just For Corporations

ID-100145753

You hear about big companies, GM, the airlines, et cetera, filing Chapter 11 to re-organize while they keep operating. But small businesses, even individuals, can file Chapter 11. It cost more than other chapters, and there is a boatload of paperwork, but  it gives you greater control. Unless the court appoints a trustee, which isContinue ReadingContinue Reading

One Response to Chapter 11 Bankruptcy: Not Just For Corporations

  1. What’s Happening i’m new to this, I stumbled upon this I’ve found It absolutely helpful and it has helped me out loads. I hope to give a contribution & assist other users like its helped me. Good job.

3 Responses to Chapter 13 Bankruptcy Plan Feasibility

  1. I blog quite often and I truly thank you for your information.
    This article has really peaked my interest. I am going to book mark your blog and keep
    checking for new information about once a week.
    I subscribed to your RSS feed too.

  2. The custom nature of the ASIC chip design has made it possible
    to squeeze in more functionality under specific system size,
    while simultaneously reducing power requirements, heat and
    cost. During World War II, Eisler was interned in England for being an illegal alien.

    Producers can supply “original equipment” or non-conforming replacement
    parts to repair a product sold into the market before the Ro –
    HS took effect.

  3. Something people complain about after trying Wen hair care products for
    the first time is that their hair feels incredibly greasy.
    These coupons are likely to be $10 off of an $25 purchase.
    I paid for this business, as I had seen the example and even test drove
    the shopping cart prior to purchase.

S Is For Chapter 13 Step Plan

S block

S is for Step Plan image by: dreamstime image by:  dreamstime Chapter 13 bankruptcy is difficult enough to understand.  The Chapter 13 plan is the point of a Chapter 13 bankruptcy case. Chapter 13 is a payment plan bankruptcy case, as opposed to Chapter 7 or “straight” or “liquidation” bankruptcy. Clients always ask:  How does theContinue ReadingContinue Reading

5 Responses to S Is For Chapter 13 Step Plan

  1. Magnificent goods from you, man. I have be mindful your
    stuff previous to and you’re simply too fantastic. I really like what you’ve
    received right here, really like what you are saying and the
    way in which during which you are saying it. You are making it entertaining and you continue to
    take care of to stay it sensible. I cant wait to learn much more from you.
    This is actually a great web site.

  2. Hey I know this is off topic but I was wondering if you knew of any widgets
    I could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for
    quite some time and was hoping maybe you would have some experience
    with something like this. Please let me know if you run into anything.

    I truly enjoy reading your blog and I look forward to your new updates.

2 Responses to Detroit Chapter 13 Bankruptcy and Second Mortgages

Judicial Mortgage Modification Lives! Nope, Voted Down Again

The House Rules Committee just minutes ago agreed to allow the bankruptcy modification amendment to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!! 1. Phone toll free at: 877.354.4958 2. Put in your zip code 3. When you reach the receptionist: StateContinue Reading

4 Responses to Judicial Mortgage Modification Lives! Nope, Voted Down Again

12 Responses to Judicial Mortgage Modification Bill Stalled in the Senate

  1. Nice post. I was checking continuously this weblog and I’m impressed! Very helpful information specially the last phase 🙂 I take care of such information a lot. I used to be looking for this certain information for a long time. Thank you and good luck.

  2. I’m really loving the theme/design of your blog. Do you ever run into any web browser compatibility problems? A few of my blog visitors have complained about my website not operating correctly in Explorer but looks great in Safari. Do you have any recommendations to help fix this problem?

  3. Greetings! I know this is kinda off topic nevertheless I’d figured
    I’d ask. Would you be interested in trading links or maybe guest writing
    a blog post or vice-versa? My website covers a lot of the same
    subjects as yours and I think we could greatly benefit from each other.
    If you happen to be interested feel free to shoot
    me an e-mail. I look forward to hearing from you! Awesome blog by the
    way!

  4. With this facts, you can now set up a uncomplicated web page,
    and be capable to gather income from anyone with a credit score card who needs to acquire your goods and products and services.
    In operation since 2010, we specialize in affordable,
    high quality web hosting. ‘This package is perfect for a multitude of travelers, from lifelong
    Lakers fans to a couple looking to experience an excellent sporting event in an exciting environment.

  5. In her two best know essays, “Le Grand Camouflage” and “Malaise d’une civilisation,” Suzanne C

  6. I am really loving the theme/design of your weblog.
    Do you ever run into any web browser compatibility
    issues? A small number of my blog readers have complained about
    my blog not operating correctly in Explorer but looks great in Safari.
    Do you have any recommendations to help fix this problem?

  7. Some entrepreneurs make mistake when trying to
    setup business in the scale disparate with their availability of funds
    and resources to invest in loans. The first kind of promotional strategy that can be examined is google search advertising.

    Just like, who may be the audience you taking the time reach and what is better
    strategy to use with reaching it.

  8. I just like the helpful info you supply for your articles.
    I’ll bookmark your weblog and take a look att again hdre frequently.
    I aam oderately suee I will be infkrmed plenty of new stuff proper here!
    Good luck for the next!

  9. The Air also comes with that backlit keyboard, a feature dismissed in the macbook Air model
    of last fall. I would like to design at a couple of
    details to at least question our own practicality of the
    Macbook Fresh air.

  10. These types of injuries are not only life-altering and life-threatening, but also have a significant way of affecting the quality of life a motorcyclist may lead.

    During the game play people can learn something, and that’s why flash games can be extremely
    helpful when promoting products. Most of the automatic
    transmission motorcycles you see are likely big cruisers that are made for traveling long
    distances.