My Home

[realmaple]

Hi.....if I still owe on my home, will I still have to make payments to the bank after filing chapter7?

[BobMango]

Only if you intend to keep it, otherwise that debt will be discharged and you will no longer be responsible for paying it. The bank will then be free to foreclose at their leisure.

[justbroke]

Let me add to what Bob wrote.

If you do not want the home and have not chosen to reaffirm the debt, then you could stop paying now and let the foreclosure process take over. If you want to stay, but keep paying, you could also do that without reaffirming the debt. By not reaffirming the debt, you allow the mortgage debt to be discharged which removes your responsibility (liability) to pay the debt. A "Stay and Pay" is a good strategy for those who want to stay and continue with keeping payments current, while discharging their liability to pay the debt. In a "pay and stay" strategy, you could keep paying and even live in your home for years and even pay off your mortgage under the normal terms of the debt. The lender can not do anything to you that they can't do to someone else who is in compliance with the terms of the mortgage (which are things like paying on time and maintaining hazard insurance).

Okay, I liked Bob's answer better since it was shorter.

The real question, what do you want to do? What is your outlook? Do you want to keep the home? Can you afford the home?