How can I get out of my mortgage that was included in a bankruptcy10 years ago?
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How can I get out of my mortgage that was included in a bankruptcy10 years ago?
My home was included in my bankruptcy about 10 years ago; I did not re-affirm the loan. What happens if I walk away from my house and mortgage? Will it affect my current credit? I’m current on my payments but because of the house market I will take a loss if I sell. What are my options?
Asked on July 31, 2011 Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This situation is a strange one and you will neither reap the benefit of having paid the mortgage on time for the last 10 years and hopefully will you not be caught in the mess when you walk away. If the mortgage was discharged (and the deficiency I assume and hope) and the lender recognized the discharge then you can walk away. They can not come after you for the house. The lender still has a lien against the property. What, may I ask, has happened over the last 10 years? Are they sending regular mortgage notices to you for payment? Do they say "for informational purposes only?" I would speak with your bankruptcy attorney if at all possible and I would have a copy of the discharge ready for faxing. It appears that you have "reaffirmed" by actions here and I wonder how a court would view that in equity. Get help. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This situation is a strange one and you will neither reap the benefit of having paid the mortgage on time for the last 10 years and hopefully will you not be caught in the mess when you walk away. If the mortgage was discharged (and the deficiency I assume and hope) and the lender recognized the discharge then you can walk away. They can not come after you for the house. The lender still has a lien against the property. What, may I ask, has happened over the last 10 years? Are they sending regular mortgage notices to you for payment? Do they say "for informational purposes only?" I would speak with your bankruptcy attorney if at all possible and I would have a copy of the discharge ready for faxing. It appears that you have "reaffirmed" by actions here and I wonder how a court would view that in equity. Get help. Good luck.
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