Foreclosure Ramifications

[akame5150]

Thank you in advance for all of your help. I closed my chapter 7 bk a little over two years ago and included.my residence in the bk. I did not reaffirm my loan with Wachovia. I continued paying on the house and ultimately did a loan modification. The loan modification speciically said the lender was not reaffirming my loan. My credit reports have long since showed the loans were closed and IIB.

Due to some financial issues we are contemplating walking away from the property. My questions is is there anything the bank can do to me now? I am upside down so I can't refinance. I don't want to walk away and have the bank come after me for the deficiency or 1099 me for tax liability. If I do walk away, will my credit have a new forclosure when they foreclose?

I am assuming all is good since the debt was discharged in a chapter 7 and I did not reaffirm, however I want to make sure there is not something that changes my scenario since it has been a a couple of years after discharge.

Thanks again.@

[screentest]

Thank you in advance for all of your help. I closed my chapter 7 bk a little over two years ago and included.my residence in the bk. I did not reaffirm my loan with Wachovia. I continued paying on the house and ultimately did a loan modification. The loan modification speciically said the lender was not reaffirming my loan. My credit reports have long since showed the loans were closed and IIB.

Due to some financial issues we are contemplating walking away from the property. My questions is is there anything the bank can do to me now? I am upside down so I can't refinance. I don't want to walk away and have the bank come after me for the deficiency or 1099 me for tax liability. If I do walk away, will my credit have a new forclosure when they foreclose?

I am assuming all is good since the debt was discharged in a chapter 7 and I did not reaffirm, however I want to make sure there is not something that changes my scenario since it has been a a couple of years after discharge.

Thanks again.@

Your assumptions are correct. Your mortgages and any obligation to them died with your BK discharge. If your done with the house then you can walk away. They will foreclose and take back the property and that will be the end of it.

ST