QUESTION
What are the repercussions of not paying for a home after Chp. 7 Bankruptcy? I've kept paying for 3 years, but now thinking of walking away from it?
Asked on May 16th, 2013 on Bankruptcy - Georgia
More details to this question:
I did NOT reaffirm the mortgage but have continued to pay -- I want to sell it, but the housing market has went down drastically and now I will be lucky to break even -- I was just about to refinance with an FHA Re-fin. streamline, but then I will actually reaffirm the debt, so to speak, so I am thnking about just walking away although I have payed for 3 years since bankruptcy -- what are the legal ramifications for me at this point?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
There should not be any ramifications. If you did not reaffirm the debt, then the loan was discharged in your bankruptcy case (assuming you received a discharge) and you owe no further obligation on it after they foreclose or sell the property.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on May 16th, 2013 at 9:30 PM