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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have recently submitted my Chapter 7 bankruptcy petition

Resolved Question:

I have recently submitted my Chapter 7 bankruptcy petition but have not yet had my Trustee Meeting. My question is on the Statement of Intention. I am requesting that I be allowed to retain my home which has a mortgage and equity loan (second mortgage?) on it which I hope the Court will approve. However, if after a period of time my income changes so that I am unable to meet these two payments, I understand the mortgage company will foreclose on the property. My questions concerns the second mortgage. Will I be obligated to continue paying this debt after foreclosure or will it be part of the foreclosure and I will be free of this obligation also.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
Your obligation to pay both mortgages will be discharged in your Bankruptcy (presuming everything goes smoothly and your Bankruptcy proceeds to discharge). This means you will not be liable for either mortgage if you stop paying either one and your house forecloses.

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