Bankruptcy can discharge one's obligation on a mortgage that you don't want to continue to pay.

Answer Applies to: Indiana
Replied: 10/16/2011

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Chapter 13 offers the most options regarding mortgages. Consult with an attorney near you.

Answer Applies to: Arizona
Replied: 10/15/2011

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The bankruptcy will relieve you of the obligation to make payments. You will still own the house however until there is a foreclosure.

Answer Applies to: California
Replied: 10/13/2011

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If you file a Bankruptcy you must list every asset and every debt. Your personal debt on the home loan will be discharged, but the lender retains a security interest in the house. If you want to stay in the house you must make the mortgage payments.

Answer Applies to: Colorado
Replied: 10/13/2011

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Yes, bankruptcy will include your mortgage as secured debt. If you can objectively afford the payment and want to keep the home it can be worked out, but if you no longer can or want to make the payments you can surrender the property without recourse from the lender.

Answer Applies to: Michigan
Replied: 10/13/2011

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Yes, bankruptcy will discharge your mortgage so if you find you cannot afford the payments later, then you can surrender the home without paying any mortgage deficiency.

Answer Applies to: Colorado
Replied: 10/13/2011

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You can include the mortgage payments but they will be able to foreclose and take the property.

Answer Applies to: Oregon
Replied: 10/12/2011

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Yes you can include in your bankruptcy but this means that you will no longer own the home and you will need to eventually move out as they will foreclose. In a Chapter 13 if you are upside down in the home you may be able to get a second mortgage removed if you have negative equity for this amount.

Answer Applies to: Utah
Replied: 10/12/2011

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You can discharge your personal liability on your mortgage, but if you do not keep up the payments the mortgage company will still take your house. You cannot keep a house you cannot afford. Bankruptcy can help you catch up if you have fallen behind and would otherwise be able to keep current and will stop the mortgage company for coming after you for a deficiency after foreclosure if you cannot make your payments. You should talk to an experienced bankruptcy attorney about your options.

Answer Applies to: Colorado
Replied: 10/12/2011

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Bankruptcy discharges mortgage debt, unless reaffirmed. If you do not pay your mortgage, the mortgage company can still foreclose on their Collateral. Get a free consultation with an experienced bankruptcy attorney to know your rights

Answer Applies to: Colorado
Replied: 10/12/2011

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If you decide to surrender your home, you can list that intention in your bankruptcy petition. The mortgage will be discharged in the bankruptcy. You will not owe the mortgage or any deficiency balance that results from the foreclosure.

Answer Applies to: Florida
Replied: 10/12/2011

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If you decide to surrender your home, you can list that intention in your bankruptcy petition. The mortgage will be discharged in the bankruptcy. You will not owe the mortgage or any deficiency balance that results from the foreclosure.

Answer Applies to: Florida
Replied: 10/12/2011

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Chapter 7 bankruptcy will discharge you of the debt that you owe to the mortgage company. You can either surrender the property to the bank or you can stay until the bankruptcy is over and the lender forecloses in state court, but either way you will not be liable for the mortgage payments after you receive a discharge.

Answer Applies to: New York
Replied: 10/12/2011

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If you can't afford your mortgage payments any more, you would reject our mortgage in the bankruptcy. That would prevent the bank/mortgage company from holding you responsible for any possible deficiency. But that also means that after they foreclose and the redemption period has run, you will have to give up your house. Have you tried to get a mortgage modification so that perhaps you can afford your payment?

Answer Applies to: Michigan
Replied: 10/12/2011

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If you do it right, it can. To do it right, you need a lawyer.

Answer Applies to: Georgia
Replied: 10/11/2011

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Your mortgage debt can be discharged. Of course you will not be able to keep the home thereafter.

Answer Applies to: Michigan
Replied: 10/11/2011

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You might be able to pay off mortgage arrearages over time in a Chapter 13 bankruptcy, but in either a 7 or 13, mortgage payments will have to be made or the foreclosure will come.

Answer Applies to: California
Replied: 10/11/2011

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If you give up your house in bankruptcy you will be discharged for any personal liability on mortgage loans.

Answer Applies to: California
Replied: 10/11/2011

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Filing a bankruptcy will insulate you from any deficiency which may result from the foreclosure and subsequent sale of the property if you are not eligible for the California anti deficiency statute, and also it will insulate you from the IRS asserting the "Forgiveness of Debt" doctrine to tax as income the difference between what you owed on the mortgage and what the lender realizes in the subsequent sale.

Answer Applies to: California
Replied: 10/11/2011

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A Chapter 13 bankruptcy can allow you to catch up on mortgage payments if you intend to keep the home. If you cannot afford the payments, however, bankruptcy can allow you to surrender the home back to the bank and discharge your liability for past-due payments. In addition assuming there is a second mortgage, bankruptcy will discharge your liability on the second mortgage.

Answer Applies to: Oregon
Replied: 10/11/2011

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The mortgage is a secured debt and the payments must be made or the bank can foreclose (with permission from the bankruptcy court while your case is active). Back mortgage payments (called arrears or arrearage) can be made over up to five years in a Chapter 13 plan but you must start making payments again after filing the bankruptcy case or lose the house to foreclosure sooner or later. To reduce mortgage payments a modification of the mortgage must be done and that is a voluntary process so it could be denied by the bank if you do not qualify because of insufficient income and other allowed reasons according to the Home Affordable Modification Program (HAMP) which is called the Obama Plan.

Answer Applies to: California
Replied: 10/11/2011

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You can include the mortgage payments but you cannot keep the house. If you want to keep an asset that still has a money owed, you need to keep making payments.

Answer Applies to: California
Replied: 10/11/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.