Billy Price explains how to make payments on your house if it is being foreclosed on.
Clients sometimes come to see me because their house is about to be foreclosed on. They also tell me that their note was accelerated and the mortgage company was not accepting payments even though they tried to make those. Their curious as to whether when they file their bankruptcy the mortgage company will start taking their payments. Their answer is yes, once the bankruptcy case is filed you can start making regular mortgage payments. Sometimes there’s a lag in between the notice of one department and another department within the mortgage company, but they will start taking payments either the first or second month after you file the case. If they don’t accept it the first month be sure to keep that money on reserve so once they do, you’re not further behind on your mortgage payments.