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I understand that a deed of trust is contract between creditor

I understand that a "deed...
I understand that a "deed of trust" is contract between creditor and lender, securing a promissory note (mortgage). If on filing of Chap 7 bankruptcy, the obligation of creditor to pay the mortgage is discharged. Then are the obligations for specific contractual performance in the deed of trust discharged. i.e. the obligation to insure the property and pay the taxes, etc. All other contractual obligations it would seem are discharged except for specific exclusions like child support, student loans, payroll taxes, Right?
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Answered in 5 minutes by:
7/1/2011
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

Hi JACustomer,

Yes - if a debtor (creditor is the lender, debtor is the borrower) files a Bankruptcy, all obligations to the lender are discharged, including the obligations to pay for insurance and the property taxes.

 

I think this is what you wanted to know. If not, please let me know.

Thank you!

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
cfortunato and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 6 years ago

Of course you are correct re the creditor debtor, Sorry bout that. I must be having brain f--t! Thanks again.

 

You're welcome! And thank you for accepting my answer, and for the bonus!
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cfortunato
cfortunato
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Category: Bankruptcy Law
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