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Posted by Troy M on January 25, 2002 at 09:10:47:

In April 2001 I sold a home and took back a second lien in the amount of $12,005.00 @ 11.95%. Payable over 5 years at $266.74 per month due on the 10th beginning May 10, 2001.

Payor made 1 payment, bounced a check for the second payment, and no more. After I initiated a foreclosure, Payor filed Ch. 13 bk. Now I have a notice from the bk court and a 'Proof of Claim' form I must return to them. The form asks for the total amount of arrearage up to the filing date (12/03/01). My attorney says I can include fees allowed by our agreement (note) which includes late fees, NSF fees, interest. My calculations are as follows:

NSF Fee $ 25.00
pymts June thru Nov
$266.74 x 6 $1,600.44
Late fees x 6 (5% per) $ 80.02
Legal Fees $ 171.46
Total $1,876.92

Have I computed the total correctly? Or, should I include additional interest on the unpaid prinipal past due? Anyone experienced in this please comment.

For those of you who want to know what happens in this situation. The amount of arrearage is to be set up on a payment plan spread over the next 42 months, and the regular payments owed on the note are supposed to resume. We'll see.

Thanks for any help.

Troy M

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