I Promise to Stay Current!!
“I promise to stay current” are the words of many debtors when our office has just signed an “Agreed Order to Cure Mortgage Post Petition Arrears in Plan.” Well, when these debtors say these words I hope they understand that a red flag has been placed on their mortgage account to have an auditor micromanage their account, just waiting for the opportunity to see a late payment. There have been several mortgage companies that will file “Notice of Default” 5 days after the due date. Then there are some mortgage companies that allow the debtor to get 4 -5 months behind before they file the notice of default, which makes it almost impossible for the debtor to get current.
Debtors must understand how important it is to stay current while under an Agreed Order. The mortgage companies do not like to have your loans in bankruptcy and live to see the day they can terminate the automatic stay due to default of agreed order. This means that the law can not oversee whether or not the debtor is treated fairly by the mortgage company.
