Cathy Moran, my blogging colleague on the Mortgage Law Network, discusses whether you should prevent foreclosure and keep the house. Walking away from the house is one solution for a homeowner who can’t afford to repay the mortgage loan balance and the house is worth at least as much as you owe. A deficiency judgment, if one is taken in the foreclosure, can be discharged in bankruptcy. Here is a pay or go calculator to help you assess whether you should walk away from your mortgage.
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- Do I Still Owe Secured Debts (Mortgages, Car Loans) After Bankruptcy? Yes and No. The term “secured debt” applies when you give the lender a mortgage, deed of trust, or lien...
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