So you stopped that foreclosure by filing a bankruptcy case. Now what?
Filing a bankruptcy case is the first step in stopping a foreclosure on your home and the imposition of the “automatic stay” on collection activity stops the mortgage lender dead in their tracks, but for how long? Not long enough unless you do what the Bankruptcy Code requires.
Consumer Bankruptcy Reorganization Cases Create Opportunities for Mortgage Servicer Abuses And The Result Could Be Inappropriate Fees.
I Filed My Bankruptcy Case And Now My Payments Are In A Suspense Account, What is that?
You were behind on your mortgage but you solved the problem by filing a Chapter 13 Bankruptcy Case. Now the Bankruptcy Trustee is paying your mortgage arrearage through the Chapter 13 Plan and you are making your current monthly mortgage payments on time outside the Plan. Your situation should be improving but an examination of your monthly statement reveals new charges to your account and your monthly payments are not being applied to your mortgage, the payments have been deposited into a “suspense account”. What is that?