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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Good after noon. My question is I filed chapter 7 back in 99

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Good after noon. My question is I filed chapter 7 back in 2009 and on my paper work in the chapter 7 individual debtors statement of intention the property is marked Retained and if retaining the property its (Not marked redeemed the property ) nor ( reaffirm the debt) but it is marked Other explain-will continue to make monthly payments and the property is marked Claimed as exept. My house is also on my credit report with a Zero balance. So my question is I am 3 months behind and if I can't catch up am I anle to just walk away and sign my house to the bank?

Thank you for your time.


Hi JACustomer,

Yes - since the obligation to pay the mortgage was discharged in your Bankruptcy, if you stop paying the mortgage - whether or not you sign the house over to the bank, and whether or not you "walk away" from the house, as you can stay there until the house is sold in a foreclosure sale (which can take years) - the bank cannot get a deficiency judgment for the balance of the mortgage.


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





Customer: replied 6 years ago.
Well the minority of the question was answered. While the mortgage isn't being payed due to lack of funds and my insurance is included with the payment do I have to call the insurance company and let them know what's going on as well? I went on their website today to make a payment and it said zero balance owed. So even though I'm not making payments is the bank making them for me because I still want to be current on the insurance since I'm stilk here.
If the house insurance is included in the mortgage payment, the mortgage company does usually continue to pay the insurance even if they are not receiving the mortgage payment.
cfortunato and 5 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Thank you for your time and help. If I have any further questions I will direct them to you if at all possible.

Thanks again!
You're welcome! And thank you for accepting my answer!