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Bankruptcy Law/Did not reaffirm on mortgage

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Expert: - 6/26/2008


Question
QUESTION: I filed bankruptcy in 3/07 and discharged in 6/08. I've from KY to TX and still paying the mortgage note while in TX. I can keep up with the payments Can I just walk away from the home?

ANSWER: As long as you did not enter into a reaffirmation agreement with the mortgage lender during your bankruptcy case, you have no further obligation on the Note.

---------- FOLLOW-UP ----------

QUESTION: Will the mortgage company foreclose on the home? If so will the foreclosure should up on my credit report? Or will it just show that the home was included in the bankruptcy?

Thanks

Answer
Yes, if you don't make the payments, I assume they would foreclose.  The foreclosure may show up on your credit report but shouldn't affect anything because the debt was already discharged in the bankruptcy.  I'm not a credit reporting expert, so you may want to seek input from someone who handles that area of law.

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Mark J. Markus- California Bankruptcy Attorney

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Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

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Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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