July 21st, 2006 by Questions
If we file for bankruptcy, will our mortgage be covered ? Do we have to sell our home ?
July 21, 2006 at 4:25 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
The only way you can keep the home is to continue making payments on the mortgage. If you cannot afford the payments and you have no equity in the property, you can quit the premises prior to filing the proposal or the bankruptcy and be cleared from the shortfall that would likely result, but a neither a proposal or a bankruptcy will have any direct impact on your mortgage unless the property gets foreclosed (and this must be prior to bankruptcy, not after you have signed the documents).
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