I have been wondering if anyone knows if you are still granted the traditional "grace period" on your mortgages after filing a chapter 7 and not reaffirming that debt? If my payment is due on the 1st of each month but I do not pay until the 15th of that month am I considered late? Right now I have a first with CitiMortgage and I make my payments on the 16th of every month and am still considered on time with them. Will this end once I file and do not reaffirm??? It is easier financially for me to make my payment in the middle instead of the 1st.
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08-2009:Quit Paying Credit Cards
04-2010:Hired 2nd Attorney;05-2010:Filed 7
06-2010:341 Meeting (went very well)
08-24-2010: Discharged; 09-02-2010 Closed!! -
That should not change at all. Just keep in mind that the grace period was intended to hedge against any lag time in the bank processing your check, cashing it, and applying the funds to your account. I know its become a common thing that people rely on their grace period. Just be careful. If there is any lag for any reason in them applying the payment and you are charged a let fee their response will be "your payment was due on the 1st". I know most banks are good about it, but just be careful. I've seen that happen.
As far as an RTP on a mortgage it should not affect anything regarding the loan itself. Although it may be unlikely that they will give you any payment deferrals or make any changes to the loan to help you out.
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