411mortgagefaq - mortgage faq home loan » Law & Ethics http://411mortgagefaq.com mortgage faq - answers to your mortgage questions Thu, 26 Jan 2012 05:18:04 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 What happens to a real mortgage when a debtor files for bankruptcy? http://411mortgagefaq.com/law-ethics/what-happens-to-a-real-mortgage-when-a-debtor-files-for-bankruptcy/ http://411mortgagefaq.com/law-ethics/what-happens-to-a-real-mortgage-when-a-debtor-files-for-bankruptcy/#comments Tue, 02 Mar 2010 08:57:02 +0000 admin http://411mortgagefaq.com/law-ethics/what-happens-to-a-real-mortgage-when-a-debtor-files-for-bankruptcy/
JV asked:


I’m a creditor whose debt is secured by a real mortgage. I’ve received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.

Thank you. :)

CURTIS

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