What will happen to my house after filing chapter 7?

If you signed a reaffirmation agreement to stay in your home, it is like you never filed bankruptcy so yes, there will be adverse consequences. If you didn't then you can just walk away.

If you executed a reaffirmation agreement with the creditor & had it approved by the court, with regard to your home it is as if you never filed bankruptcyyou will be personally responsible & can be sued for any difference in balance & what the mortgagee ultimately receives for the home at foreclosure. If you did not execute a reaffirmation agreement, the mortgagee must take the collateral, the house, in full satisfaction of the debt.

If you filed a Chapter 7 case and the house was included in the Bankruptcy and you did not sign a reaffirmation agreement, then you are fine. However, if you signed a reaffirmation agreement then the mortgage company could pursue you for any deficiency. A reaffirmation agreement is a separate agreement signed by you that re-obligates you to the loan even though you filed a Chapter 7. In your Bankruptcy Petition, there is usually a paper called a "Statement of Intent", where you state what your intentions are toward secured debt. In the statement of intent, you would normally state if you intend to surrender, redeem or reaffirm a debt. Just because you may have stated that you "intended" to reaffirm the mortgage debt, that does not automatically mean you did actually reaffirm the debt. In order to legally reaffirm a debt, there must be a separate reaffirmation agreement, which is normally a 5-10 page document. So you need to know if you signed a reaffirmation agreement.

When you filed chapter 7 you listed all your assets and debts, including the mortgages. You received a discharge of those mortgages. You no longer have personal liability on those debts. If you walk away from your home you will owe no money.

If you used a lawyer I have great news. If you were pro se, I have likely bad news. Any good bankruptcy lawyer would have had you NOT sign a reaffirmation. That means you can, unless you later refinanced, walk away with no liability. Have your lawyer send a short letter to remind the mortgage company. If you were pro se, you probably were tricked by the lender into signing a reaffirmation. If you did, you will still owe, and after the foreclosure, you may also get sued, and then face garnishment of your wages and bank account. See a lawyer now to determine your liability.

It depends. First, if the home is in Wisconsin, the first mortgage will not likely have a deficiency balance regardless of how you treated the mortgage in the bankruptcy. If you have a second (or third) mortgage and you reaffirmed that debt in the bankruptcy, you may face a deficiency balance on that debt. If you are unsure about whether you signed a reaff, call your bankruptcy attorney and ask her to look it up. You might want to consider getting a renter in the property. First, a renter could possibly save you from foreclosure. Second, even if you have to give up the home it is not a bad idea to have someone on the premises during the many months it takes to complete the foreclosure process. Until the process is complete, the home is still your responsibility. If you leave the area and the home becomes a hazard or is simply ticketed because the grass is too long or the walk unshoveled , you will be responsible for these bills. There are many variables here. Talk to an attorney before making a decision.

As long as you did not sign a reaffirmation agreement, you can walk away. However, be advised that if there are any homeowner's association fees associated with the property, you will be responsible for fees that have accrued since the filing of the bankruptcy case up until the property is foreclosed and/or sold.