In Part 1, we discussed how mortgage companies often engage in â€œdouble dippingâ€ when you are in a Chapter 13. Part 2 dealt with how mortgage companies commonly fail to send you a monthly statement while you are in a Chapter 13 bankruptcy. Part 3 addresses the ways in which mortgage companies often misapply monthly mortgage payments.
In many cases, during your Chapter 13 your monthly mortgage payments increase (or decrease) for any number of reasons - because of a variable interest rate, an increase in property taxes, etc. If the mortgage company isnâ€™t sending you a monthly mortgage statement (see Part 2), you may not have been aware of the change. In that situation, the monthly payment you are sending may not be enough to cover any increase.
In Part 1 we discussed how mortgage companies often engage in "double dipping" when you are in a Chapter 13.Part 2 deals with howmortgage companies commonly fail to send you a monthly statementwhile you are in a chapter 13 bankruptcy.
In many parts of the country, when you file a Chapter 13, you continueto make your regular monthly mortgage payments directly to the mortgage company rather than in the Chapter 13 plan.The mortgage company, however, may not send a statement each month requesting a payment, or even showing that a payment is due. Of course the mortgage payment is still due, butthis creates a whole host of problems.