watachii2
09-22-2005, 10:46 AM
I am currently on a repayment plan with my mortgage company. I owe approximately $1500. My mortgage company said that if I file for chapter 7, my plan will be broken. How would I continue to make mortgage payments through the duration of the bankruptcy? I ask because I know they will not take partial payments, only the total amount owed. The mortgage company said something about a consent order. Do you know anything about that? Please advise. I really don't want to lose my home and since I don't owe that much, I really don't want to get stuck in a chapter 13 for a long time. Thank you!
What they are talking about is an "Adequate Protection Order" Basically, if the Mortgage company will agree to keep you on the repayment plan that you are on now, that plan gets submitted to the court as an adequate protection order for the judge to review and sign. They may also require you to reaffirm the debt.
Assuming you can fulfill the terms of the adequate protection order, you keep the house, but if you fail, they can immediatly lift the automatic stay and move to foreclosure.
Just tell them that you will agree to an adequate protection order (or consent order) along the same lines as the repaymetn plan you are currently on (assuming you can afford that plan).
watachii2
09-22-2005, 11:22 AM
Thank you so very much for your advice and prompt response!! One more question...at what point should I tell them that I would agree to the consent order? Before I file, immediately upon filing or later? Also, are these orders common? Thanks again!!
Ideally, you would want some written confirmation from them that they will accept it before your file. But the likelyhood of getting such agreement before you file is low.
