Question about post 13

[bpg10591]

First, I'd like to introduce myself as bpg10591. My wife and I are post-Chapter 13 survivors, paying our debts and being delivered from it in 12/05. I wish that I had known about this forum when we filed. With that in mind, I have a question. We bought our home in 1995 for $82,100 and because of poor stewardship and bad financial decisions, we filed in 2001, including the mortgage. At the end, we received our discharged papers that listed the amounts that were paid and the creditors they were paid to. The papers showed that we paid $43,000 toward our mortgage company, yet when we assumed paying the mortgage, it shows that we owe $77,000 of the $82,000 loan. Just wondering if you guys have dealt with a problem like this or if you know whoo I could contact to learn what is what.
Thanks in advance and those who are going through, hang tough. You can make it!

[SinkingFast]

The original terms of your Mortgage hold even tho the Trustee is paying the payments on your behalf. Sometimes the Trustee may assign a lower or reduced interest amount.

If you had been paying the payments yourself during that time period, what would you have paid, total, in payments.

Plus, if you had any arrears included in your plan, part of the $43K paid out by the Trustee went to make up missed payments from prior to when you filed. You have to consider those $$$'s in there as well.

[bpg10591]

Thanks for the quick response, sinkingfast. I guess that means that we're picking up where we left off with our mortgage, huh?

[lrprn]

Thanks for the quick response, sinkingfast. I guess that means that we're picking up where we left off with our mortgage, huh?

Who made the payments on your mortgage while you were in Ch 13, bpg? Did the trustee make them or did you make them? And how long were you in Ch 13 before you were discharged?

[bpg10591]

I've just looked over all of our paperwork. The Trustee paid our creditors as our wages were garnished per paycheck make the payments. We started in Feb.01 and we received a letter informing us that we had made our last payment in Nov.05. In Feb. 06, the courts sent our final decree, ordering that the case was closed.

[lrprn]

I've just looked over all of our paperwork. The Trustee paid our creditors as our wages were garnished per paycheck make the payments. We started in Feb.01 and we received a letter informing us that we had made our last payment in Nov.05. In Feb. 06, the courts sent our final decree, ordering that the case was closed.

Was the payment sent to the mortgage company every month just enough to cover the interest and not much else? I can't figure out any other way the trustee could pay your mortgage company every month and after five years you stil owe $77,000 of an original $84,000 loan....unless your mortgage company is playing financial games around late fees that they have been piling on for the last five years month by month. Were you in arrears when you filed?

Ask for an accounting of the past five years of payments immediately to find out where the money has been going. If your mortgage company won't cooperate, send them a RESPA letter - they have to respond to that - it's the law. There's a sample RESPA letter at http://www.hud.gov/offices/hsg/sfh/res/reslettr.cfm .

Keep us posted on what you find out, and I hope you can make sense of what's going on with your mortgage very soon.

[bpg10591]

We received a statement every six months to show the creditors that were being paid and the amounts that had accumulated to them. According to the very last statement in Dec 05, the total amount of the 40,000+ was paid to the principal, yet I do remember calling our mortgage company only to have them say that most of it went to the interest. We were only $2,100 in arrears when we filed and when we called to check on balances, we were told that the payments were being made on time. I'll add this, maybe it will help. Our mortgage alone was only $760 per month. I had $560 garnished every paycheck no matter how many times during that month that I was paid. The wife had $410 deducted from her's (we wanted it set up that way because she was paid once a month). I will definately call and ask about in more detail. Thanks irprn for the input and the link for that letter. I greatly appreciate it.