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.
Ken Wick ~ Principal Broker • Judy Willis ~
Principal Broker • Linda Warnock ~ Broker
Karen Raminha ~ Principal Broker • Adam
Saxton ~ Broker • Rob DeSpain ~ Broker
Jon Wick ~ Broker
103 North Main Street, Joseph, OR • 541-432-4060 (800) 660-2641
Fax: 541-432-1114 • Email:rea@eoni.com • www.wallowacountyland.com
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Lori Hickerson, Principal Broker, GRI, P.C. • Sally Knowles , Broker, GRI
Babette Larson , Broker, GRI, Office Manager
215 South Fork Road • Dayville, OR 97825
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