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.
The arrears are discharged in bankruptcy but if you do not pay them the lender can still foreclose on your home. When you got the loan you gave a mortgage securing the loan to the house. The bankruptcy discharges your obligation to repay the loan but does not cancel the mortgage.
Can making up missed mortgage payments stop a foreclosure? Asked by ., Sioux City, IA Tue Apr 27, 2010. If a homeowner is behind on payments to the point that the county has filed an Notice of Election & Demand (NED), can the homeowner make up the delinquent amount and stop the foreclosure process?
Unless you can keep paying the mortgage after bringing the arrears current, you should analyze the situation very well. Most of the time, the loan modification offers and stopping foreclosure after taking the arrears are just part of the collections process.
The bank even started one foreclosure. to pay for the difference. Some widows and widowers can be foreclosed on when their spouses die if their names aren’t on the loan. That happens often, because.
In my experience, you’ll need to pay the full arrears IN FULL, and in one payment. That should do the trick in stopping your foreclosure – after all, they’d rather have your money instead of your home.
After the required time has elapsed, typically after 120 days without making a payment, the homeowner will be sent a notice of foreclosure sale, which will provide notice of the date by which the premises must be vacated and may include the total amount in arrears as well.
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If someone can help you financially or if you have a valuable asset to sell, you can stop the foreclosure by paying back all arrears on your mortgage and any foreclosure fees, or required tax or insurance payments.
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