I have had several clients contact me recently to modify their Chapter 13 plans to reflect the changing circumstances of their lives. Some changes are good: one couple adopted three little boys and got a loan mod; some are bad: unemployment ended for some. Your chapter 13 plan is a living document that can be changed, with Court approval. There are plenty of times that this is necessary – and one of the most important is when you miss post-petition mortgage payments!
When you fail to make mortgage payments in your Chapter 13 Bankruptcy, your mortgage lender can seek relief from the stay to foreclose on the property. If such a motion is granted, the Trustee may also seek to dismiss the case. Trust me, I’ve had it happen. A better solution is to work out a pay back plan and roll the payments into your plan. It’s not a very long process, and it’s certainly better than losing the house.
If you need to review your plan, speak with your lawyer and get it done. It’s better than struggling with a failing plan.