If I filed bankruptcy 4 years ago and am now thinking of walking away, would the mortgage company be able to do anything to me besides foreclose?

Our home value continues to plummet, we did not sign a reaffirmation, and we have been unsuccessful in refinancing because of our loan type. It is an ARM. We are now thinking of walking away. Are there any repercussions that can come from this other than the foreclosure on our record?

Asked on July 30, 2012 under Bankruptcy Law, Utah

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

If the current mortgage loan was included in the bankruptcy filed 4 years ago, and no reaffirmation was filed nor approved by the Court, you can walk away without liability.  Was a discharge of debts granted?  You didn't mention under which chapter of the code you filed.


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