mortgage-company Tag

31 Jan Will the Chapter 13 Trustee Allow Me to Modify My Mortgage If I Can Get the Mortgage Company to Offer One?

If you are lucky enough to get your mortgage company to offer a meaningful modification of your mortgage while you are in a Chapter 13, you probably can get the Trustee and the Court to agree to allow it. There are a number of issues, however, that need to be addressed. Before modifying your mortgage you will need to inform your attorney that your mortgage company is willing to entertain a modification. You will also need to present your attorney with the details of the proposed modification. Your attorney will then get the needed permission from the Trustee and/or the Court. One of the concerns the Trustee and Court may have is how the modification will affect the amount of disposable income you have each month.
Read More

29 Jan Chapter 13 Debtors Beware: Recurring Problems with Mortgage Companies – Part 4 Forced Escrow

In parts 1, 2 and 3 we discussed how mortgage companies often engage in "double dipping", how they often fail to send you monthly statements, and they ways in which they misapply monthly mortgage payments during your Chapter 13 case. Part 4 discusses how a mortgage company can force a homeowner to add escrow to their monthly payments. Many individuals file a Chapter 13 bankruptcy because they fell behind on their mortgage and property taxes. A Chapter 13 bankruptcy will allow you to pay the back due mortgage payments and property taxes over a period of three to five years, rather than coming up with a lump sum to get both current. As long as you continue to make your monthly Chapter 13 plan payments and your ongoing mortgage payment, the mortgage company cannot take any adverse action against you or your property. However, if you fail to pay your property taxes the mortgage company could step in and pay them without giving you notice.
Read More

16 Sep What Happens When My Mortgage Company Goes Bankrupt?

In these days of old-line financial powerhouses filing for bankruptcy and continuing questions about the economic stability of banks and mortgage companies, we are often asked what happens if your mortgage company goes bankrupt? The answer is actually pretty simple and straightforward.
Read More