Expert: Terry Leeders - 3/11/2008

Question
July 2007 my chapter 7 bankruptcy was discharged.  I did not sign a reaffirmation with my mortgage company. I'm having difficulty making payments and will most likely be going into foreclosure. Am I responsible to pay anything after foreclosure? Would Deed in Leiu of foreclosure make any difference? I'm looking for the quickest action to vacate my home.  Thank you.

Answer
If you did not sign a reaffirmation agreement, you can walk away from the home and not owe another cent on the loan.  You can do a deed in lieu of foreclosure if the lender offers it, this saves them the time, effort and $$ to actually foreclose on the property.