What began as a trickle of Chapter 13 cases ending badly has become a torrent. More and more, bankruptcy judges are strictly enforcing the direct pay term of chapter 13 plans: If your plan says you will pay your on-going mortgage payments directly, and you don’t pay as promised, the judge may dismiss your case without a discharge.
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The two types of bankruptcy for individuals are Chapter 13, which is a court-approved repayment plan, and Chapter 7, which is a discharge of outstanding debt. Along with federal bankruptcy laws, some states have additional codes or restrictions, so it is important to familiarize yourself with your local bankruptcy rules and statutes. Chapter 13.
The Bankruptcy Code and Rules govern the application of mortgage payments in a pending Chapter 13 bankruptcy. The improper application of mortgage payments during a Chapter 13 can result in a creditor receiving insufficient repayment, and in some situations, the penalty of sanctions.
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Getting A Mortgage After Bankruptcy Is Possible. Peoples Bank recognizes that buying a home or refinancing an existing mortgage is a goal for many clients after they have filed a Chapter 13 Bankruptcy plan.
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Chapter 13 bankruptcy allows individuals with a regular income to repay their debts through a structured repayment plan, typically over a period of three to five years. You can obtain financing.
If you are behind on your mortgage and file for Chapter 13 bankruptcy, your plan will have to include your mortgage payments ("conduit mortgage payments"). Prior to the enactment of an order that requires mortgage payments to be made within a Chapter 13 plan, debtors were able
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Chapter 13 Guru wants to be able to connect you with the best bankruptcy mortgage lenders in the Country. Chapter 13 & Chapter 7 bankruptcy plans provide two different avenues for debt relief, and we want to connect you with the right bankruptcy mortgage lenders who understand the common hurdles that come along with getting a mortgage after.
Refinancing your home loan is possible during a Chapter 13 bankruptcy and may even help you meet repayment obligations sooner than the requisite three to five years. However, you’ll need to meet the lender’s refinancing requirements, notify your Chapter 13 trustee and follow Chapter 13 laws for incurring new debt.