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WHat are customary charges by lenders for arrears claim reporting in a ch13 ?

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  • WHat are customary charges by lenders for arrears claim reporting in a ch13 ?

    I am 4 mos in arrears and am thinking of doing ch13 -w/ a bk attny of course - and I wondered what the typical/customary juice and fees wd be from the lenders . I spoke w/ one bk attny who put 11.6 pct (582 of 5000 in 4 mos of back payments), and another one who estimated 50 pct ( 2500) then revised the estimate to 1000 ( 20 pct), so there is a wide variation and I wondered if it a good idea to put it into the plan. Is this governed at all by regulations? WHat wd stop a lender from charging 75 pct , 100 pct etc? I cannot believe I am seeing the pctgs that I have noted above ( 12, 20 and 50).

  • #2
    I'm entirely confused by what you mean by a percentage charge. Arrears are paid without any interest as they (typically) already include interest. For example, if I'm 5 months behind on a $2,400 payment, then the arrears are $12,000 (period). There is nothing else added except maybe some late fees.

    What matters in the end is what the creditor puts on their claim and whether that is accurate.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      I am also confused. The arrears are what the arrears are and it should not change by attorney. You have no choice but to include arrears on secured debt in the plan.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


      • #4
        Are you asking what you'd end up having to pay in a chapter 13 plan, in terms of percentage of your total debt? If so, that's going to be determined by your income, and whether the debt is secured.
        This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
        Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17


        • #5
          thanks for getting back. my bad for confusing things by expressing the results of two attny queries on this question in the form of pctgs, as you are right, pctgs have nothing to do with this I 'll try to clarify : I am 4 mos in arrears now and the lender says for me to catch up , I need about $5,000. this includes the PITI x 4 PLUS a few mos nominal late fees. I assumed that this wd be all I wd have to pay (over 60 mos) . but wrong according to two attnys whom I posed this question to.

          One estimated it wd be an additional $582 to the $5k. Another estimated a additional whopping $2,500. She said it wd include a filing fee ( $150) plus attny charges. Attny fees can be HUGE she said, and the lenders go after this, she further said. I asked her is this a worse case scenario or something she sees fairly normally? she said she sees this normally(then dropped the estimate to an additional $1,000 (? yeah, I am puzzled by this, too - but it shows there is some gray area here and gray area is the stuff of this board.).

          The first attny made it clear that it cd be lower or higher than the $582. So I was asking this group what their experience or knowledge was of what charges the lender would charge over and above the monthly PITI plus nominal monthyl late charges ( mine are $25 a month but that composes teh $5k.) thanks again for any insights

          commenter: 'What matters in the end is what the creditor puts on their claim and whether that is accurate.'

          Since it looks like it almost cd be 'sky's the limit' for adding additional fees by the lenders for mortgage arrears curing, are there any regulations or laws that govern what they can charge? Why not charge 4,000 in attny fees, eg?
          Last edited by rayrod; 08-15-2017, 07:52 PM.


          • #6
            Originally posted by rayrod View Post
            ince it looks like it cd be 'sky's the limit' for adding additional fees by the lenders for martgage curing, is there any regulations or laws that govern what they can charge?
            It's not the sky's the limit. Almost every bankruptcy court has "reasonable" fees that they allow AND the creditor has to request those fees. In my experience, it's no where near $5,000 in "bankruptcy" fees that can be added. I have seen $250 - about $500 for filing a claim and/or attending a hearing on valuation.

            The lender CAN NOT add "monthly late charges" when you file and a plan will cure the arrears. There are two things that can be in the claim. The amount of arrears (#months X monthly payment) plus any late fees already charged on those arrears. The second would be the bankruptcy fees which typically run $250-$500. And, I guess there's a third, the entire balance which shows the "normal" payment amount.

            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


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