Many families are focused on eliminating debt and getting
caught up on payments so they can improve their credit scores and get better rates when getting a mortgage or a car loan.
Not exact matches
The
catch here is that in many cases, they can charge some penalties and interest
on the balance,
so your
payment arrangement will end
up costing you a bit more in the long run.
In a chapter 13 bankruptcy, you can
catch up arrearages
on your home mortgage over as long as 60 months,
so long as you can also keep paying your regular mortgage
payments.
If you are really struggling to make mortgage
payments, a Chapter 13 filing could help stop foreclosure
so you can stay in the home and
catch up on payments.
Your
payment history is your most important aspect of your credit,
so it's critical to
catch up with any
payments and stay
on top of them.
Chapter 13 gives you
up to 5 years to «
catch -
up»
on your missed
payments so you can save the property from repossession or foreclosure.
I was upset at first, but then she offered to push ALL the loans into forbearance for another 3 months
so zero
payments will be due, and I have time to
catch up on some unpaid interest.
So it's very different from, like, a car loan, where the lender would have to give you several months to get
caught up on your
payments, then find a way to physically repossess the car.