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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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In May 2012 my husband and I signed an agreement with our private

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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: 4 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 4 years ago.
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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.

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Customer: replied 4 years ago.
Thank you! Very helpful! Have a good day!
Expert:  Ellen replied 4 years ago.

Thank you very much

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