QUESTION
Is there a way not to pay my mortgage legally?
Asked on Oct 15th, 2012 on Bankruptcy - Colorado
More details to this question:
I have a loan with GMAC in chapter 11. I wondered if I could retain my property and not have to pay mortgage. There has to be a way in Chapter 11.
7 ANSWERS
GMAC's Chapter 11 status does not relieve you from your mortgage obligation, your mortgage is an asset that GMAC reports.
Answered on Oct 17th, 2012 at 2:22 PM
Sure. File bankruptcy and surrender the home. Otherwise, be ready to pay. Chapter 11 is protecting GMAC from its creditors, not you from yours. There's no such thing as a free lunch (or house). Chapter 11 lets companies reorganize their debt load to stay in business.
Answered on Oct 17th, 2012 at 2:21 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
No, you can not do that in any bankruptcy chapter.
Answered on Oct 17th, 2012 at 2:21 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
at
Orantes Law Firm
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The intuitive off-the-cuff answer is "NO". What makes you think that may be possible? Who is representing you in a Chapter 11 case? Perhaps that attorney can explore your situation. At our Firm, we represent debtors, creditor and other parties in Chapter 11 cases and offer a free initial in-person consultation, but once a Chapter 11 case has been filed, we need to examine the case very closely before we would agree to take it over - look us up at ch11.us.
Answered on Oct 17th, 2012 at 12:48 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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The law does not create something because you want it to be there for you, or think that there has to be a way to not have to pay your mortgage. One would need to review your entire circumstances in order to advise correctly as to this insurmountable goal you have set.
Answered on Oct 17th, 2012 at 12:47 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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Question: I have a loan with GMAC in chapter 11 is there a way to legally NOT pay my mortgage? Question Detail: I wondered if I could retain my property and NOT have to pay mortgage. There has to be a way in Chapter 11. *- NO ...... you can't NOT PAY the mortgage AND retain the property. Some person or entity will end up holding those mortgage and they WILL require payment. *
Answered on Oct 17th, 2012 at 12:41 PM
Daniel James Wilson
No. Your mortgage is a valuable asset that GMAC will retain.
Answered on Oct 17th, 2012 at 12:40 PM