Ronan R. Blaschko, Attorney

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Filing Bankruptcy will affect your Home Mortgage loan, payments and Credit Reporting.

How does filing bankruptcy affect my home mortgage loan?

One you file, the bankruptcy stay becomes effective stopping all collection activities from every creditor, including your Home Lender from collecting Mortgage payments. This bankruptcy stay includes even those types of debt that may not be dischargeable such as the IRS and student loans. So How does this affect your home mortgage loan and mortgage payments?

  1. Any automatic payments setup online or that use the ACH system will be terminated and even rejected by the mortgage bank. Payments should be made directly to the bank and banks will provide an address to send in payments. In some cases you may be able to sign a consent or authorization form with the mortgage bank allowing you to setup a new automatic payment.
  2. The bank will not provide monthly statements or allow online access to your account after bankruptcy. In some cases lenders will restart statements, if you and/or your attorney sign a consent or authorization form. If your bank has stopped online access, you must mail your payment to the address specified by your bank. If you are unable to obtain regular statements, you should request a payment history now and again to make sure your payments are properly credited.
  3. If your attorney authorizes the bank with a consent form, your mortgage lender may communicate loss mitigation options to get you back current or lower your payment. A loan modification does not require you to re-affirm the mortgage and may help save your home without re obligation yourself to the loan.
Back to Bankruptcy Affects on Home Mortgages.

Blaschko Law Saint Paul, MN Office
1551 Livingston Avenue, Suite 103, Saint Paul, MN 55118. Phone: (651) 204-7152
Saint Paul Law Office

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Ronan R. Blaschko, Bankruptcy Attorney primarily serves the Dakota County, Ramsey County, Hennepin County, Washington County and Scott County areas in Minnesota, including cities Saint Paul, West St. Paul, Inver Grove Heights, Eagan, Apple Valley, Burnsville, Cottage Grove, Mendota Heights, Minnetonka, Richfield, Edina, Eden Prairie, Bloomington, Golden Valley, New Hope, Plymouth, Maplewood, Oakdale, Stillwater, Lake Elmo, Roseville, Little Canada, Minneapolis, Woodbury and Afton in  in Minnesota.

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