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.
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