Tracking of payments:
You need to track your collection of both, Plan and Current Payments. If a borrower fails to make two or more conseccutive payments, or is consistently latte in the making of either plan or current payments, the borrower may be in default of the agreed plan. If this would be the case, your attorney should immediately file a motion for relief from the automatic stay with the Bankruptcy Court.
DELINQUENCY INVOLVING CRAMDOWN
You must monitor particularly close your monthly collections from borrowers who are subject to a court-approved cramdown. When a homeowner for whom the Court has approved a cramdown becomes 30 days delinquent in his payment of the mortgage, you must notify the Main Final Depository by filing another Chapter 13 Bankruptcy Reporting Form with your regional office of such National institution.
Luigi Mario FRASCINI
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Luigi M. Frascini
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