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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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We filed chapter 7 and all debt was discharged including the

Resolved Question:

We filed chapter 7 and all debt was discharged including the mortgage. We did not reafirm. Snince then the value has plummeted, my husband's income plummeted and we applied for a loan modification in March of 09 with no response. They keep telling us to wait. We have no extra money and finding it diificult to pay loan. We stopped paying last month. Do they still have to give us ample notice before we have to leave? The bank is Chase-what are the chances they will actually modify the loan?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Thank you for your question.

Your bankruptcy discharged your personal liability on the mortgage. However the lien remains and the lender can foreclose for nonpayment. The lender will need to go through a typical foreclosure proceeding regardless of the fact that you filed bankruptcy and you will be entitled to all notice
Customer: replied 7 years ago.
How long does foreclosure proceedings take? They consider us 2 months late now.
Expert:  Ellen replied 7 years ago.
it will likely take at least a year
Customer: replied 7 years ago.
This debt was discharged, so is it correct that they can never try to come after us for the money lost after foreclosure?
Expert:  Ellen replied 7 years ago.
That is correct
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