Expert: Terry Leeders - 2/10/2009

Question
I filed Chapter 7 in May 2007. My current mortage was discharged in the bankruptcy.I was never behind and I have been making the monthly payments on time since then. I didn't not reaffirm the loan and have since rebuilt my credit back up. If I decided to walk away now what are the repercussions of doing so? Can they put a current foreclosure on my credit report?

Answer
if you did not sign a reaffirmation, then the debt is technically discharged in the case.  You can walk away free and clear if you choose.  The lender will then foreclose, and that fact can be put on your credit report, they just can't collect on the debt anymore.