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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Can a mortgage company get a judgment against for the discrepancy

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Can a mortgage company get a judgment against for the discrepancy between what I owe and what the home is now worth, if I filed a Chapter 7 bankruptcy and included my home?
Hi and thank you for your question. Once you file chapter 7, and if you do not reaffirm the debt, the debt is discharged in the case. You are the owner of the property until you sell, or the lender forecloses, since the lien survives bankruptcy. However, they cannot come after you for any deficiency balance after the foreclosure since the debt was discharged with the bankruptcy case.

The lender can file a motion to modify the automatic stay, but this just lets them start the foreclosure process. They cannot go after you for any money. Thanks for your question, good luck.
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