Question by cyclesecy: if you file bankruptcy on bills but not your house then you find you can not afford your house?
After filing bankruptcy on everything but your house, then you find you can not afford your house. The bank takes it back and sells it. If they don’t sell it for what you owe on it, is there a way where you don’t have to pay the left over amount. Since I have heard you can only file bankruptcy every seven years.
Best answer:
Answer by Caveat Emptor
Home mortgage loans cannot be discharged through bankruptcy. The loan is secured by a lien on the property title, so the remedy for defaulting on a mortgage loan is foreclosure. In most states, mortgage loans are non-recourse loans. You lose the house and take a hit on your credit – but that’s all.
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