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Posted by Jim on May 22, 2002 at 16:00:34:

I hold 2nd note (purchased) in recorded default, I reinstated the 1st in default, then trustor petitioned for Ch. 13 BK. (7 months so far, and still going). I am told "The Plan" will include small monthly payments (over 60 months) for the 2nd note payments missed pre-petition and some pre-petition costs, for reinstatement, etc..

What happens to the loan payments and late fees trustor has missed on my 2nd note while in BK ($2,100+)? Must he/she pay in lump sum once payment plan is approved, or does the clock reset where the BK was filed, thus extending the term of the loan or increasing the amount of the balloon on the loan due date?

Thank You!

Follow Ups:

• Ch. 13 issues John Merchant, JD 21:29:54 6/18/2002 (0)

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