Expert: Terry Leeders - 1/24/2009

Question
Mr. Leeders:

Unfortunately, I cannot afford both of my mortgage payments and wasn't able to qualify for a 1st mortgage modification because of Fannie Mae guidelines.

At this time, my only other options are to contact NACA for their assistance or file for Chapter 13 Bankruptcy.  If I file Chapter 13 Bankruptcy, will my mortgage payments remain the same or can they be lowered by the court when my repayment plan is put together?  Can the court write down any of my mortgage loans under a 13 plan?  

I'm currently not past due on any mortgage payments but forsee not being able to pay next month because my payment is going up $1000.00.  Please let me know.

Answer
There is current legislation regarding possibly changing the mortgage terms, but it hasn't been signed into law yet.  You can only get caught up on mortgage payments thru a chapter 13 currently.  You can pay your consumer debt from 10% to 100% based on your income and assets you have.