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

If you are behind on your mortgage payments when you file for Chapter 13 bankruptcy in West Virginia, the automated stay may help protect you from foreclosure. The automatic stay is a legal order that stops creditors from taking any action, such as foreclosure, to collect a debt. Under Chapter 13 bankruptcy, you will create a repayment plan to pay off your overdue mortgage payments. This plan will usually consist of smaller monthly payments over a three to five-year period. You will need to make all payments, on time, during this period. If you can’t make payments or are late with payments during the repayment plan period, your bank may start the foreclosure process. If this happens, it will be up to the court to decide if you can keep your home. In addition to your mortgage payments, you must also pay any current mortgage payments you owe. This includes insurance and taxes on the property. If you don’t, you may still face foreclosure. Lastly, it is important to note that filing for Chapter 13 bankruptcy does not automatically eliminate any outstanding debt that you may have. You are still legally responsible for paying off any remaining loan balance.

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

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