Is a real estate contract treated the same in a Chapter 13 as a regular mortgage?
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I am afraid you will need to fill us in a bit, please describe the contract. -
This real estate contract is a 2-year note with a balloon payment due at the end. I have a 5-day grace period to get the payment to the escrow company. If I default on the contract, I have the standard 30 days to cure the default. He has the option to either pursue forfeiture or foreclosure.
I missed July's payment and now I have missed August's payment due to a $450 loss in income and I haven't had work for two weeks. But the boss did advance me two weeks pay to get rid of this deficit. In two weeks, I will have enough money to pay the defaulted July payment, but not make August's payment at the same time.
Wouldn't a Chapter 13 treat this the same as a mortgage note? It is my residence.Comment
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Yeah, if that is the primary encumbrance on your home, then yeah, it will be treated the same as a mortgage. Its a secured debt on your primary residence, which basically means you have to pay it.Comment
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