There are three aspects in the Terms Proposed, and they are:
- a).- Income
- b).- Schedule, and
- c).- Length
You and your attorney MUST CAREFULLY review the proposed plan▬ before the confirmation hearing▬ to determine whether it is acceptable to you. Once the repayment plan has been confirmed, IT IS BINDING, unless the borrower defaults under the terms of the plan. As you review the plan, CONSIDER the following factors:
- REGULAR INCOME▬ Does the borrower have enough regular income to make the payments required under the proposed repayment plan?
- REPAYMENT SCHEDULE▬ Is the repayment schedule realistic, based on the borrower's disclosure statement and budget?
- PLAN LENGTH▬ Will the plan end before the maturity date of the mortgage? (In most cases, the Court will account for maturity differences as part of the plan, and still confirm the plan.)
Luigi Mario FRASCINI
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Luigi M. Frascini
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