Originally Posted by Katie Stanley of Security Savings National Bank on 19 Mar 2019 to CBANC FI Professionals Community.
Good Afternoon, I have 2 questions. I’ve contacted the OCC and wasn’t given a thorough answer, so maybe you all could help me with this?
The question is:
We have a mortgage loan on a primary residence. The loan became 90 days delinquent. We sent out the 30 day foreclosure letter and within that 30 days we received notice of Chapter 13 bankruptcy.
From here, what do we do? Do we charge down the loan to market value and await the bankruptcy hearing? Do we charge the whole loan off? The bankruptcy hearing is April 19th and we have received a tentative plan summary.
Do we await the filing of the bankruptcy (upon approval) and then file maintain the account according to the plan summary? This is our 1st mortgage bankruptcy and we need guidance.
We have a consumer loan that has filed Chapter 13 bankruptcy. The bankruptcy was approved and we received the plan summary. We file maintained the account to the new rate, term and payment. However, since the file maintenance
we have only received pieces of the payment ($15, $20, $15, etc). After a call to the Bankruptcy trustee, we were told that we would not be receiving the full payment for 7 months after the plan started (this is the new pay schedule for all BK loans according to the trustee). So, we have already file maintained the loan and it is now 97 days past due according to the initial file maintenance and us not receiving a full payment to date. We now know that we will begin receiving the full payments on May 1st. Can we file maintain the loan again and put the new payment date of May 1st?? I didn’t want it to look as though we were skewing delinquency or anything wrong to the bank. Thanks for your help.