Can we walk away from our mortage if it is under section 524 of the bankruptcy code?

Question Details:

We filed bankruptcy 3 years ago on everything except our home. I believe we had to reaffirm the mortgage to stay in the house but our mortgage statements say we are under code section 524. Does that mean we can walk away from the house and let them take it back without any repercussions?

Asked 10/31/2011 under Bankruptcy | 285 View(s) | More Legal Topics

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Bankruptcy Law Answers

Mark J. Markus / Mark J. Markus, Law Offices of Answered 6 months ago | Contributor This attorney is licensed in California

If you in fact signed a valid reaffirmation agreement and it was timely filed with the court, then you will be liable for any deficiency on the mortgage after sale (foreclosure or otherwise) of the property. If you did not, then you have no further liability on the property if you "walk away".

Mark J. Markus, Attorney at Law

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