Post Petition Mortgage Payments

[Boscoe]

To the poster who posted this:

"The due date is the 1st. A grace period before they tack on fees is not an extension of the due date. Good financial common sense is to pay the bill by the due date, in or out of bankruptcy."

I definitely disagree with this one, when you are "out" of bk. Good financial sense includes minimizing your receivables (what you are owed - you want to be paid asap) and maximizing your payable (what you owe others) in order to maximize your cash flow.

Like tens of thousands of others, I pay my mtg each month via auto payment. My due date is the 1st, but grace is 15 days, so I have them take the $ out of my checking account on the 10th of each month. I receive interest on that money for 10 extra days. THAT is good financial common sense.

Just be sure that you get the payment in on time - auto pay is your best bet.

[klux]

Boscoe, I like your response But is it different since you did Chapter 7 and I'm doing 13?

[sizz]

The law permits you to make up your missed PAST mortgage payments ("pre-petition arrears") in sixty monthly payments through the trustee in accordance with the Plan, but you must also resume making FUTURE ("post-petition") mortgage payments as they become due, directly to the bank, outside of the Plan, in accordance with the mortgage and note. If the mortgage contains a 15-day grace period, you can use it post-petition, but do be careful of slick banks that take days to post your payment so they can collect late fees. Look into electronic payments, certified mail, or similar verifiable systems to protect yourself from the vultures.

[southerncomfort]

I have never been behind in my mortgage and it is not included in my Ch.13. I have been in the 13 for over 2 years. My mortgage is due on the 1st. I always pay during the 15 day grace period and have never had any issues whatsoever with my mortgage company. I know that even if your house is not paid through your plan, it is still considered to be "in bankruptcy." I had to call before becuase I didn't get a payment book and I had to be transferred to the BR department. Becuase it is BR, my coupon books down't have any late fee or "if you pay after this date, pay this amount" etc. type notations.