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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Aug. 18, 2017)
4M // Real Estate & Home Builders Guide // August 2017 Filing for bankruptcy will not release lien By Ilyce Glink and Samuel J. Tamkin Tribune Content Agency Q : I went through Chapter 7 discharge but the bank will not release the lien on my home. What can I do? : There is at least one thing that you must know about bankruptcy and how it affects home mortgages: A person goes through the bankruptcy process, not the property. That is to say, when you filed for Chapter 7 bank- ruptcy, you went through the process and the bank- ruptcy court cleared you of all obligations to pay debts that you owed. The court discharged all of your prior debts. There is a huge difference between the bankruptcy court clearing you your debts and the bankruptcy court clearing the lien your lender has on your property. A When you took out your loan, you gave your mort- gage lender a promissory note in which you agreed to repay the debt you owed. The lender, in turn, agreed to take your home as collateral for that loan and placed a deed of trust or mortgage on your home. When you go through Chapter 7 bankruptcy, the court may extinguish your debt to the bank. The court agrees that you no longer have an obligation to repay the money to the lender. However, the court doesn’t usually extinguish the lien the lender has on your home and your lender may still have the right to foreclose on your home. Depending on the laws in the state in which you live, you may have the right to keep your home through your homestead rights. But in many states, the lender can proceed to take the home and satisfy the debt owed the Duke Warner Realty MEMBERS OF RMLS & MLS www.rmls.com and www.centraloregonrealtors.com Licensed In The State Of Oregon lender even though you no longer owe the debt. You can talk to your bankruptcy attorney to figure out what your rights are and determine whether you have the right to keep the home under homestead rights in your state, but you should be aware that in some states, the lender keeps the lien on the home and can sell off the home to satisfy the debt owed to the lender. As a side issue, your credit report will show that you failed to pay your lender the amount owed even though your debt was extinguished. Your credit score will suffer due to the bankruptcy, and for some time your credit history will show that you went through bankruptcy. Since your lender has not been paid, the lender’s report to the credit reporting bureaus will show that the debt was not paid or written off due to the bankruptcy. 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RMLS 8994064 $69,500 Dayville John Day Valley Lori Hickerson, Principal Broker, GRI, P.C. • Sally Knowles , Broker, GRI Babette Larson , Broker, GRI, Office Manager 215 South Fork Road • Dayville, OR 97825 (541) 575-2617 • (541) 932-4493 • (541) 987-2363 To view all of our properties go to: www.eastoregonrealestate.com NICE FAMILY HOME ON 36 ACRES! HARNEY COUNTY 40 ACRES! 3/2, 2 story shop w/apartment & wood 5/ 2.5, ATV sheds, small barn, green shop area. $318,000 RMLS #14484773 house. $425,000 RMLS #16452348 13 ACRES OF PRIVATE PARADISE! Nice setting w/Canyon Mt Views, 2 story, 4/2, 2 ponds, shop, hayshed/barn & irri meadow. $499,000 RMLS #17051972 "Your Professional Real Estate Choice in Grant County." Please give us a call for additional listing information. #3228R HOME ON BEAUTIFUL 1.10 +/- ACS CLOSE TO TOWN YET FEATURED COUNTRY SETTING. Nice 1808 +/- sq ft 3BD/2BA built in HOME! 1946. 24X24 detached gar, 1080 +/- sq ft barn, well, pump house. 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