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Chapter 13 and House Mortgage: Curing a Delinquent Mortgage

Chapter 13 bankruptcy permits a debtor to cure a delinquent mortgage payment over a period up to five years in length. Typically, a debtor proposes a plan to repay, or cure, the arrearage in equal monthly payments during the life of the plan. Some plans might involve staggered payments, eventually paying off the delinquency by the end of the plan.

While the debtor is in chapter 13, the debtor is obligated to honor all terms of the mortgage, including the timely payment of future monthly mortgage payments, maintenance of insurance and payment of real estate taxes. A debtor who successfully completes a chapter 13 plan can emerge from bankruptcy in good standing on the mortgage.

Naturally, after bankruptcy, the debtor is obligated to continue honoring the mortgage terms and to timely pay all future payments.

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