I was behind 6 months when I filed the Ch. 13. My new lender (Aurora) says that my account is in good standing. It's not even being handled by the Bankruptcy Department, It's being handled by their Customer Service Department. Could Aurora have paid off the entire loan when they purchased it from CIT. Or should I expect the past due amount to be paid through the Ch. 13 plan to CIT as planned. The other ironic thing is that the mortgage was due to increase Dec 1, 2007 on an ARM with CIT. Now the mortgage is the original amount again with Aurora? Weird!! But Exciting!!
2007-12-19 15:22:09 · 2 answers · asked by dandv 1 in Business & Finance ➔ Renting & Real Estate
That is due to the freeze on the interest rate by the government. I would write a letter to aurora and ask them for the terms of your loan as of today and in the near future. What are there plans etc. for the interest rate. Tell them you can not afford to get back to the higher interest rate and you would like to have a firm 30 year fixed rate. And you do not need to refinance to have this new loan.
2007-12-19 15:31:11 · answer #1 · answered by Big Deal Maker 7 · 0⤊ 1⤋
Take a deep breath, but don't hold your breath. When these change overs happen, there's alot of confusion because they usually happen to 10,000 other loans at the same time. If this company knows what it's doing...they will audit, and you may get a bill for the outstanding balance later in 08.
2007-12-19 15:32:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋