If I file Chapter 7 and I Do Not reaffirm my mortgage, am I still liable for the mortgage? 6 Answers as of October 28, 2010

If I am filing chapter 7 bankruptcy. Am I still liable to pay my mortgage? I choose to pay the mortgage, and then decided I can no longer pay, can I walk away without being liable for what is owed?

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Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
Yes, if you want to keep your home you need to pay the mortgage as they have a lien on the property and liens survive bankruptcy.
Answer Applies to: California
Replied: 10/28/2010
Law Office of David P. Farrell
Law Office of David P. Farrell | David Farrell
Filing bankruptcy will absolve you of personal liability on the mortgage note. Generally, liens "ride through" bankruptcy unless they are avoided or stripped off. However, there is no lien stripping in chapter 7. This means that if you later quit making the monthly payments the lender can still foreclose on the property, but cannot come after you personally. Consult with an attorney.
Answer Applies to: California
Replied: 10/27/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Yes, assuming you receive a discharge, if you do not reaffirm the debt you will have no further obligation on the debt after a foreclosure or other sale of the property.
Answer Applies to: California
Replied: 10/27/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
If you do not reaffirm, yes you can walk away.
Answer Applies to: California
Replied: 10/27/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
No, you are not.
Answer Applies to: California
Replied: 10/27/2010
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