Posted on: 19th Jun, 2009 06:19 pm
will a lender work with you if you file ch 7 and you are behind on payments? we have alot of unsecured debt but we want to keep our home I just do not think we can do a chapter 13 husbands hours were cut
hi googoofy,
if you file for chapter 7 bankruptcy, it will put an automatic stay on any legal action taken against you by your lenders. once you are discharged from bankruptcy, you will not be personally liable to pay off the loan. but for secured loans like home loan, you need to make the payments to keep the collateral safe. thus, if you want to keep the home, you can discuss your options with the lender and can reaffirm your loan. if you reaffirm and keep making the loan payments, your house will not be foreclosed.
if you file for chapter 7 bankruptcy, it will put an automatic stay on any legal action taken against you by your lenders. once you are discharged from bankruptcy, you will not be personally liable to pay off the loan. but for secured loans like home loan, you need to make the payments to keep the collateral safe. thus, if you want to keep the home, you can discuss your options with the lender and can reaffirm your loan. if you reaffirm and keep making the loan payments, your house will not be foreclosed.
thanks for your help I used to live in Kailua-kona back in the 80s I do miss it especially living in wa