Home Page

Please visit the new website at www.FearlessLegalServices.com

301 Greenview Drive, Crystal Lake, IL 60014

773.818.9054 office/cell

866.381.4238 efax

lawgoddess1@gmail.com 

 

301 Greenview Drive, Crystal Lake, IL 60014

www.chicagolandrealestatelaw.com
lawgoddess1@gmail.com
773.818.9054 office/cell
866.381.4238 efax

Check out my interview, Expert Advice on Buying a Foreclosed Home on Illinois Homes, one of the top sites for Illinois homes for sale, including Wheaton, IL real estate. Illinois Homes also services Michigan homes for sale and Pennsylvania homes for sale.

Archive Newer | Older

Tuesday, March 1, 2016

What Happens to a Mortgage After a Bankruptcy Discharge?
Recently, I had a client ask me what happens to the mortgage on their current home when it is discharged pursuant to a bankruptcy order. Contrary to what you might initially think, A debt that is secured, such as a mortgage, is dischargeable BUT if you want to keep the house or other secured asset, you have to pay the debt as you normally would. A discharge simply means that it eliminates the DEBT on the property, not the LIEN. So, if you were to stop making payments on the debt that has been discharged on your home, the bank can repossess the property, but it cannot pursue you for the money that is owed. As long as you remain current with the payments, you can stay in your home as you normally would. 
7:55 pm cst 


Archive Newer | Older

Custom Search