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Post Chapter 7 Bankruptcy

Profile picture for mikeanddianna
I just emerged from a chapter 7 bankruptcy and was able to keep my primary residence with 1st and 2nd mortgages.  Combined mortgages are approx. $30K more than current value of my home. Credit score in the low 600's. Since I am not under any obligation to repay the mortgages (I understand the bank will foreclose if payments are not maintained) and will not be able to sell for current mortgage value, could I just walk away and still be able to get another loan to buy another home?
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0Yes

January 23 2010 - US
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Answers (3)

Profile picture for Memphis Owners12
Be happy you were able to keep your home while in a bankruptcy.  Walking away will not do any good.  If you are concerned about making your house payments, you should put the home in your bankruptcy BEFORE it is discharged.
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0Yes

January 25 2010
Profile picture for wetdawgs
No.   Your bankruptcy keeps you from getting a mortgage for several years, and a foreclosure keeps you from getting a mortgage for several years.  Therefore, no, you will not be able to get another loan for several years (plus your credit score will drop with a foreclosure to be below the point where a mortgage is possible). 

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1Yes

January 23 2010
Profile picture for Palmdale Mortgage
you survived bk now you want to walk away from your mortgage and think someone else will finance you? good luck
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2Yes

January 23 2010
 

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