A bankruptcy is set up to discharge or reorganize debts, so I could see that through bankruptcy you wouldn't have ground to pursue a deficiency for a broken lease or missed payments.

Sometimes a house is protected in bankruptcy and the owner will reorganize their debt.

@Samuel Lee,As long you're re-organizing, consider this:1.

The Chrysler "voluntary reorganization" shows the pattern and Obama's willingness to push aside any aspect of contract law in his way.

Then when my employer announced a major reorganization three weeks after I moved in, I started worrying about how I would cope if I lost my job (which I did, but luckily was able to find another one soon therafter) and couldn't afford to pay the mortgage.For those people who owned their home outright, the Financial Crisis of 2008 became: What financial crisis?

Please correct me, but I thought Chaper 13 was not a true BK but an forced reorganization of that debt when debtors and lenders can not come to an agreement on their own.The idea is not to forgive the debt, but reorganize it in some way that it can be handled by the debtor.

All you really need is a one page summary that provides the property address, mailing address, 1st and 2nd lien, fair market value (I use the tax assessed as a benchmark as it is posted in the NOD) and finally a ratio that compares the debt to the value...what the NOD programs like Sharkbait are doing is basically pulling all this info out of the Excel file and re-organizing it for you in a user friendly format....and they charge accordingly.

Is it a chapter 7,13,11 (business re-organization) etc.??

I live in Orange County and do not belong to any RE organizations there either.

I worked for a major Fortune 500 company some years ago, reorganized an moved it's offices and employees to lower cost town and cities from high cost areas like New York City.