Bankruptcy does have an impact on mortgage. Hence, whether you are in the process to file Chapter 7 or Chapter 13 bankruptcy, it becomes imperative to understand its influence on the mortgage.

The impact of Chapter 7 bankruptcy on the mortgage

  • When you file the Chapter 7 bankruptcy, your property is conceived either in exempt or non exempt category.
  • The dependency of the same is dependent on the bankruptcy trustee.
  • Now, when you get a mortgage, the mortgage company gives you a loan.
  • With this money you are able to purchase some property.
  • However, when you file Chapter 7, you are not ‘legally obligated’ to repay the loan.
  • But, the lender has the right on the property.
  • Hence, if the lender enforces lien on you, you will lose the property.
  • Paying the mortgage is the only option left if you want to keep your property.

The impact of Chapter 13 bankruptcy on the mortgage

  • With Chapter 13 bankruptcy, you will not lose your property.
  • You are required to submit a plan with respect to the repayment mode you will be pursuing.
  • There are cases; where in an automatic stay is issued.
  • This implies that the creditors cease to take collections from you.
  • This particular step of the procedure is involved so that there is a layoff foreclosure.
  • In fact, there is another aspect related, it at the same time ceases the repossessions of homes and property.
Related Posts
If you are a part of some complicated legal problem in Fruitville, calling 877-959-5302 or submitting your info on this website right away will be the best option for availing services ...
READ MORE
Are you grounded due to Bankruptcy legal problem in Archbold, OH? It is best to not waste a minute and call 877-959-5302 or submit your information in given form, in ...
READ MORE
If you are a part of some complicated legal problem in Port trevorton, calling 877-959-5302 or submitting your info on this website right away will be the best option for availing ...
READ MORE
If you are a part of some complicated legal problem in Millry, calling 877-959-5302 or submitting your info on this website right away will be the best option for availing services ...
READ MORE
Are you grounded due to Bankruptcy legal problem in South holland, IL? It is best to not waste a minute and call 877-959-5302 or submit your information in given form, ...
READ MORE
If you are a part of some complicated legal problem in Huntsville, calling 877-959-5302 or submitting your info on this website right away will be the best option for availing services ...
READ MORE
Are you grounded due to Bankruptcy legal problem in Terral, OK? It is best to not waste a minute and call 877-959-5302 or submit your information in given form, in ...
READ MORE
If you are a part of some complicated legal problem in Maunie, calling 877-959-5302 or submitting your info on this website right away will be the best option for availing services ...
READ MORE
Are you grounded due to Bankruptcy legal problem in Teutopolis, IL? It is best to not waste a minute and call 877-959-5302 or submit your information in given form, in ...
READ MORE
If you are a part of some complicated legal problem in Higginsville, calling 877-959-5302 or submitting your info on this website right away will be the best option for availing services ...
READ MORE
Chapter 11 Bankruptcy Lawyers Fruitville, Florida FL
Chapter 7 Bankruptcy lawyers in Archbold, Ohio OH
Chapter 11 Bankruptcy Lawyers Port trevorton, Pennsylvania PA
Chapter 11 Bankruptcy Lawyers Millry, Alabama AL
Chapter 7 Bankruptcy lawyers in South holland, Illinois
Chapter 11 Bankruptcy Lawyers Huntsville, Alabama AL
Chapter 7 Bankruptcy lawyers in Terral, Oklahoma OK
Chapter 11 Bankruptcy Lawyers Maunie, Illinois IL
Chapter 7 Bankruptcy lawyers in Teutopolis, Illinois IL
Chapter 11 Bankruptcy Lawyers Higginsville, Missouri MO