You Still Have To Pay For Your House Even After Filing Chapter 7 Bankruptcy
Recently there has been a number of people who are under the impression that if they file bankruptcy and keep can keep their home without paying for it. Where ever they are getting this advice it is wrong.
If you can no longer afford to make the payments on your home – filing for bankruptcy will not save your home. The mortgage company has a security interest in your home, if you don’t pay for it, they get a foreclose to get the security interest back and sell it to someone else. A chapter 7 bankruptcy will discharge any liability you owe to the mortgage company but if you want to keep your home you must continue making payments.
If you get behind in your payments and can afford to make your regularly scheduled mortgage payment, you may want to consider Chapter 13. If you can’t make the regular payments, you may want to contact your mortgage company for a forbearance agreement or loan modification until your situation changes.
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