A person is filed for bankruptcy when he is unable to pay his creditors. In this case, it could mean a home owner not being able to pay his mortgage company. A lot of people and well, clients these days are under the false impression that after they file for bankruptcy they will be completely cleared of all their debts and will be able to keep their homes. This is not the case. Many clients also feel that once they do file for bankruptcy that they immediately forfeit their homes to their lenders which is also not true. They do not realize that they are still the homeowners and are still responsible for the property. Either a loan modification or foreclosure is still required. Here at National Mortgage Mediators, our loss mitigation experts are available 24 hours to answer all your questions and consult with you to find the best solution for you and your family.