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Divorcing in tough economic times can be a real challenge.
They get to keep their property while paying some or all of their debt over an extended period of time.
This "secondary" market for mortgages is quite active, and a lender has plenty of opportunity to sell a mortgage and turn a profit.
When a lender sells the loan, it assigns the trust deed to the buyer.
If a property has multiple liens on it, Chapter 13 can even strip these liens from the property.
As long as a debtor successfully completes his payment plan, creditors typically release the liens automatically when the bankruptcy is discharged.