M is for Mortgage Arrears

Ch13 bk, Ch7 bk | 12. Jan, 2012 by | 11 Comments

You’ve been out of work for a few months and collecting unemployment. Since unemployment only replaces a portion of your income, you fell behind on your mortgage. Now the mortgage company is demanding you come current immediately, or they will foreclose on your house. What do you do?

Mortgage arrears is a fancy term for the amount you are behind on your mortgage. In bankruptcy, your mortgage arrears are what you need to pay in order to keep your house out of foreclosure. If the amount is small, you could just send in an extra check to the mortgage company. But if the arrears were small enough for you to take care of by yourself, you wouldn’t be in this situation.

What a Chapter 13 bankruptcy gives you is more time to pay back the arrears. Without bankruptcy, you are at the mercy of the mortgage company to determine how much needs to be paid back and how soon. The Chapter 13 bankruptcy will allow you to propose a repayment arrangement that, if approved by the judge, the mortgage company has to accept. Generally speaking, the bankruptcy court will give you 3-5 years to repay the mortgage arrears, in monthly payments.

For more M terms:
Matrimonial Law in Bankruptcy-Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Means Test-Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Means Test-New York Bankruptcy Lawyer, Jay S. Fleischman
Meeting of Creditors-Colorado Springs bankruptcy Attorney Bob Doig
Modify-Northern California Bankruptcy Lawyer, Cathy Moran
Monthly Income-Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Mistakes-Cleveland Bankruptcy Attorney, William (Bill) Balena
Median Income: Above or Below, Does it matter?-Los Angeles Bankruptcy Attorney, Mark J. Markus
Mortgages and Bankruptcy-Taylor, Michigan Bankruptcy Attorney, Chris McAvoy
Means Test-Marin County Bankruptcy Lawyer, Cate Eranthe
Median Income-Livonia Michigan Bankruptcy Attorney, Peter Behrmann
Members of the Household-Wisconsin Bankruptcy Lawyer, Bret Nason
Mortgage Arrears in Bankruptcy Court-Pittsburgh Bankruptcy Attorney Shawn N. Wright
M is for Matrimonial Property Obligations and the Discharge in Bankruptcy-Philadelphia Suburban Bankruptcy Lawyer, Chris Carr

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