home in foreclosure can i filed a chapter 7 to get rid of foreclosure

home in foreclosure can i filed a chapter 7 to get rid of foreclosure i cannot afford to pay off home
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Answers (2)

Lee M Perlman

Lee M Perlman

Contributor Level 3
The filing of the bankruptcy will likely protect you from the deficiency or the difference between what you may owe on the mortgage and what it will or may bring at a sheriff sale. After the filing the automatic stay the prevent lender and their attorneys from contacting you. Post discharge we would want the credit report to reflect a designation of "included in bankruptcy".
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Harley Aaron Feinstein

Harley Aaron Feinstein

Contributor Level 5
There is a risk that you may be personally sued after a foreclosure. See discussion here:

http://harleyfeinstein.com/artman/publish/bankruptcy-san-diego/UPSIDE_DOWN_MORTGAGES.shtml

But a chapter 7 bankruptcy takes care of the problem.
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