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    grandma61's Avatar
    grandma61 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 9, 2009, 07:42 PM
    Bankruptcy keep the house
    I may lose my job soon. Can I keep my house and ira.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 9, 2009, 08:27 PM

    Can you keep paying the house payments?
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
    Uber Member
    		  
    #3

    Nov 9, 2009, 11:47 PM
    Hi, grandma61!

    I would like to add that, have you missed any payments? Also, do you pay the property taxes separately or are they a part of the mortgage payment?

    These days, mortgage companies are generally trying to help peope to keep their homes, as long as there is some assurance that the person paying on the mortgage is going to be able to make payments at some point in the future. If you get behind on your payments on the mortgage, the first thing that I would suggest doing is to get in touch with a mortgage counselor and the two of you meeting with or calling the mortgage company.

    Thanks!
    XTC832's Avatar
    XTC832 Posts: 60, Reputation: 6
    Junior Member
    		  
    #4

    Nov 19, 2009, 11:26 PM
    Not sure if you own the house or you're still making payments - if you own the house, then you would only be paying your yearly property/school/city taxes. If you're still making payments, then the mortgage company still holds a lien. Bankrupcty removes your personal liability on the balance of the mortgage, but it doesn't remove the lien. Simply put, if you file for bankruptcy, you must keep paying on the home or legally it can end up in foreclosure. As far as an IRA account, bankruptcy law protects it.
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