How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

In May 2012 my husband and I signed an agreement with our private

Resolved Question:

In May 2012 my husband and I signed an agreement with our private mortgage lender to reduce our monthly payment from principal and interest, to interest only at a lower interest rate for the next 5 years. As part of that agreement it stipulated that we must be current on our monthly payment and property taxes. Part of that agreement included a clause that said we waived the right under bankruptcy law in the event that we default on that agreement. Subsequently in July of 2012 we made the decision to file personal bankruptcy chapter 7. All our unsecured debts have been cleared and the case was closed in Sept. 2012. We are currently 1 month behind in our mortgage and our current property tax bill remains unpaid at this time due to continued hardship. We received a letter from our private mortgage lender a few days ago and stated that we are in default as a result of this. How can we protect our home from foreclosure? In the event that our mortgage lender is unwilling to work with us moving forward what are our options under bankruptcy law?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 3 years ago.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*


Thanks for using JustAnswer. My name is XXXXX XXXXX I will do whatever I can to answer your questions!

Don't Forget that the deposit you placed to ask this question is not used to compensate me until you rate my service ! Please Remember that when you are asked to give a rating, you are rating My Service and not this website itself or the law .

Regardless of the clause in the agreement, the chapter 7 bankruptcy would have discharged your personal liability on the mortgage but not the lien on the property. This means if you do not make payments on your mortgage,the property may be foreclosed. The lender could sell the property to satisfy the debt but could not obtain a judgment against you for the unpaid portion of the loan.

I would be glad to respond to any related follow-up questions that you may have.
Ellen and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you! Very helpful! Have a good day!
Expert:  Ellen replied 3 years ago.

Thank you very much

If I can be of assistance in the future, begin your question with: "For FiveStarLaw"