11 U.S.C. §1322 — Contents of plan (Chapter 13)

bankruptcy-11usc-1322

11 U.S.C. §1322 sets the mandatory and permissive contents of a Chapter 13 repayment plan. Critically for mortgage servicers, §1322(b)(2) prohibits modification of a claim secured only by a security interest in the debtor's principal residence (the anti-modification rule), and §1322(b)(5) allows the debtor to cure defaults and maintain ongoing payments on a long-term mortgage. §1322(c) and (e) further specify how default cures are calculated and timed.

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Verbatim regulatory text (5)

Verbatim provisions from 11 U.S.C. §1322 — Contents of plan (Chapter 13) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

11 U.S.C. §1322(b)(2) — Anti-modification rule for principal-residence mortgages

modify the rights of holders of secured claims, other than a claim secured only by a security interest in real property that is the debtor’s principal residence, or of holders of unsecured claims, or leave unaffected the rights of holders of any class of claims;

Source: 11 U.S.C. §1322(b)(2) · source URL · snapshot 24141e007b4515c6

11 U.S.C. §1322(b)(3) — Cure or waive default

provide for the curing or waiving of any default;

Source: 11 U.S.C. §1322(b)(3) · source URL · snapshot 24141e007b4515c6

11 U.S.C. §1322(b)(5) — Cure and maintain long-term mortgage

notwithstanding paragraph (2) of this subsection, provide for the curing of any default within a reasonable time and maintenance of payments while the case is pending on any unsecured claim or secured claim on which the last payment is due after the date on which the final payment under the plan is due;

Source: 11 U.S.C. §1322(b)(5) · source URL · snapshot 24141e007b4515c6

11 U.S.C. §1322(c)(1) — Default cure available until foreclosure sale

a default with respect to, or that gave rise to, a lien on the debtor’s principal residence may be cured under paragraph (3) or (5) of subsection (b) until such residence is sold at a foreclosure sale that is conducted in accordance with applicable nonbankruptcy law; and

Source: 11 U.S.C. §1322(c)(1) · source URL · snapshot 24141e007b4515c6

11 U.S.C. §1322(e) — Cure amount determined by underlying agreement

Notwithstanding subsection (b)(2) of this section and sections 506(b) and 1325(a)(5) of this title, if it is proposed in a plan to cure a default, the amount necessary to cure the default, shall be determined in accordance with the underlying agreement and applicable nonbankruptcy law.

Source: 11 U.S.C. §1322(e) · source URL · snapshot 24141e007b4515c6