{"id":63,"date":"2011-11-18T05:50:59","date_gmt":"2011-11-18T05:50:59","guid":{"rendered":"http:\/\/www.fremont-bankruptcy-attorney.com\/blog\/?p=63"},"modified":"2021-05-04T22:41:05","modified_gmt":"2021-05-04T22:41:05","slug":"are-you-behind-on-your-mortgage-payments","status":"publish","type":"post","link":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/2011\/are-you-behind-on-your-mortgage-payments\/","title":{"rendered":"Are You Behind on Your Mortgage Payments?"},"content":{"rendered":"

By Ryan C. Wood<\/a><\/p>\n

If you are behind on your mortgage payments bankruptcy can help.\u00a0 If you can afford to pay back the arrears over time in a chapter 13 plan of reorganization, one of the questions you may have is whether you will have to pay interest on the arrears in your Chapter 13 plan.<\/p>\n

Your Chapter 13 plans can last three to five years which spreads your missed mortgage payments out to make them affordable.\u00a0 The length of the Chapter 13 plan is determined by each individual\u2019s circumstances.\u00a0 If your household income is below the median for the number of people in your household, you can choose to be in either a three or five year
\nChapter 13 bankruptcy plan.\u00a0 If your household income is above the median for the number of people in your household, you will have to have a five year Chapter 13 bankruptcy plan.\u00a0 Normally, the longer the length of the plan, the lower your monthly Chapter 13 plan payment will be given that you have a longer period of time to repay the arrears.\u00a0 All of the pre-petition mortgage arrears will need to be accounted for in your Chapter 13 plan payment to be feasible.\u00a0 Remember, you will need to pay the arrears in your Chapter 13 bankruptcy case on top of your regular mortgage payments.<\/p>\n

Normally, when your mortgage lender files a proof of claim in your Chapter 13 case, they include the pre-petition arrears, interest and penalties for late payments, escrow payments, and attorney fees to review and file a proof of claim.\u00a0 Some mortgage lenders include property inspections in the pre-petition arrears.\u00a0 Note that pre-petition interest for the late payments is already included in the arrears.\u00a0 Almost all deeds of trust securing payment of your mortgage do not include a provision that requires you to pay interest on the mortgage arrears in bankruptcy.\u00a0 Not having to pay interest on the arrears while paying them back in a chapter 13 bankruptcy will save you thousands of dollars.<\/p>\n

Chapter 13 bankruptcies allow you to pay the arrears off at zero percent interest unless the underlying contract or deed of trust indicates that the mortgage lender is allowed to collect interest on the interest payments.<\/p>\n

If you you are behind on your mortgage payments let our experienced Fremont bankruptcy attorney<\/a> or bankruptcy attorneys<\/a> file your Chapter 13 bankruptcy to help you keep your house.\u00a0 Please call us at 877-9NEW-LIFE or 877-963-9543 to schedule a free consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Ryan C. Wood If you are behind on your mortgage payments bankruptcy can help.\u00a0 If you can afford to pay back the arrears over time in a chapter 13 plan of reorganization, one of the questions you may have is whether you will have to pay interest on the arrears in your Chapter 13 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/posts\/63"}],"collection":[{"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/comments?post=63"}],"version-history":[{"count":5,"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions"}],"predecessor-version":[{"id":1176,"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions\/1176"}],"wp:attachment":[{"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/media?parent=63"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/categories?post=63"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fremont-bankruptcy-attorney.com\/blog\/wp-json\/wp\/v2\/tags?post=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}