Posted on: 27th Jun, 2012 08:20 am
I filed a Ch 7 and my mortgage was discharged. I paid it anyway because I wanted to live there. It's been several years and I don't want to pay it anymore. Can I just stop paying? I understand it will cause a foreclosure but I'm wondering if there is any other punishment.
hello mfit2575,
well, this will then free up money for the debtor to pay for the secured property that the individual would like to keep. as long as the debtor wants to keep the secured property and they are able to afford it, then they should continue to make the payments on those debts and they can retain them in the chapter 7 bankruptcy filing.
:idea:
well, this will then free up money for the debtor to pay for the secured property that the individual would like to keep. as long as the debtor wants to keep the secured property and they are able to afford it, then they should continue to make the payments on those debts and they can retain them in the chapter 7 bankruptcy filing.
:idea:
Hi Guest!
Welcome to forums!
I hope you haven't reaffirmed the loan when you were in Chapter 7. In such a situation, the lender will only foreclose the property to recover his balance amount. He won't come after you for any deficient balance. However, if you have reaffirmed the loan, then he will be able to come after you for the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I hope you haven't reaffirmed the loan when you were in Chapter 7. In such a situation, the lender will only foreclose the property to recover his balance amount. He won't come after you for any deficient balance. However, if you have reaffirmed the loan, then he will be able to come after you for the deficient balance.
Feel free to ask if you've further queries.
Sussane
