For those who filed chapter 13 only.?

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Can a mortgage ever be restructured in a chapter 13? For example having your interest rate recalculated or lowered.

chapter 13 has a provision, that if your car is over 2.5 years it can be restructured where you only pay the fair market value. If you owe $ 25,000 and the fair is $ 18,000 the you pay the 18,000. I was just wondering if there is a stipulation like that for mortgages

Not with loan companies, within the chapter 13 bankruptcy. This state may be different, but If you are or were a chp 13 filer, give me examples of how it went it your state.

  1. Reply
    b d
    May 16, 2011 at 10:32 pm

    Your mortgage cannot be restructured while in CH 13 unless you refinance. your mortgage company will not accept anything less than the original agreement. Not only can you refinance, but if you have enough equity in your property you can use it to buy yourself out of BK early. I am a loan officer that speacializes in this area. If you want to explore you options, send me an email.

  2. Reply
    May 16, 2011 at 11:05 pm

    Hi! I was living in an apartment when I filled. But, I do know that they didn’t even pay what they promised. They only put money towards my car payments and not the credit cards… I payed them for three years only to find this out.

    They even sent me a letter once, and told me my bankruptcy payment went up. Either I payed it, or I was cancelled. I wish I wouldn’t have, because I canned them anyways when I called the creditors myself and found out they weren’t even getting a dime…

    I went with Weik & Accociates in Michigan… They are rip offs.. So be very careful, and monitor everything they pay.. Good luck!

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