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Chapter 13 debtors can cram-down mortgages on investment property to the amount of the property’s fair market value. People considering Chapter 13 to remedy upside down investment properties often ask how the cram-down works. Their questions cover issues such as when the cram down is final, does Chapter 13 affect their interest rate, and how does Chapter 13 cram-down deal with arrearage of past due payment on the investment property mortgage.

Here are some general answers to these common cram-down questions. Cram down differs from stripping a second mortgage on a primary residence. A second mortgage strip is final and permanent  at the end of the Chapter 13 plan. An investment mortgage cram down is temporary. Our courts will cram down an investment mortgage for two years during which time the debtor is expected to refinance or pay off the mortgage at the cram down value. The two year time limit can be extended for reasonable grounds such as, for example, time required to complete loan applications or closings.

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