Since my mortgage was not re-affirmed during my bankruptcy, if I chose to walk away from the mortgage now what would happen?
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Since my mortgage was not re-affirmed during my bankruptcy, if I chose to walk away from the mortgage now what would happen?
Will it show on a credit report? I filed bankruptcy 7 years ago; it has since been discharged. I did not sign the reaffirmation papers on the mortgage.
Asked on October 8, 2012 under Bankruptcy Law, Kansas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Since you filed for Chapter 7 bankruptcy more than seven (7) years ago where your existing mortgage on the home that you had purchased and were living in then and presumably now was not re-affirmed where you now wish to let your home fall into foreclosure, then the end result will most likely be as following since I have not seen the bankruptcy orders concerning your proceeding:
1. you will have no recourse if you lose the home you live in through a foreclosure;
2. the foreclosure will appear on your credit report most likely via certain credit reporting agencies.
To confirm the above, I suggest that you consult with your presumed former bankrupty attorney.
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