What happens if I am behind on my mortgage payments during Chapter 13 Bankruptcy?

In Virginia, if you are behind on your mortgage payments during a Chapter 13 bankruptcy, you will be required to get caught up on those past due payments over the course of your bankruptcy repayment plan. This is known as a “cure”, and you will typically be allotted three to five years to pay the delinquent amount. The exact amount and payment plan might vary depending on your individual circumstances, and can be negotiated with your home loan lender. You will also be responsible for your regular monthly mortgage payments in addition to the cure. Keep in mind that if you fail to make your mortgage payments during your bankruptcy repayment plan, your lender could attempt to foreclose on your home. As long as you make the payments on time, you should be able to keep your home during the length of the bankruptcy. If you are considering filing for bankruptcy due to past due mortgage payments, it is important to get the assistance of a bankruptcy attorney to ensure that all of your rights are preserved. They can help you come up with an agreement on the cure and answer any questions you might have.

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What happens if I am behind on my mortgage payments during Chapter 13 Bankruptcy?

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