Can we legally walk away from a mortgage if we filed bankruptcy and then did a modification with the lender? 7 Answers as of September 20, 2017

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Stephens Gourley & Bywater | David A. Stephens
Probably not, if the loan modification was completed and signed.
Answer Applies to: Nevada
Replied: 9/20/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
I cannot answer that without looking at the paperwork. One could argue the modification was an illegal reaffirmation OR one could argue it was a new contract based on new consideration (a legal term to describe different obligations). You should have local counsel look at it.
Answer Applies to: California
Replied: 9/19/2017
GARCIA & GONZALES, P.C. | Richard N. Gonzales
If you did the loan modification after the filing of your BK, there may be lingering issues. Pay an attorney to review the matter with you.
Answer Applies to: Colorado
Replied: 9/19/2017
Benson Law Firm
Benson Law Firm | David Benson
If you did not sign a reaffirmation agreement, your personal obligation on the debt was discharge at the time the court issued the order of discharge. The modification, if it is a modification, should not change that result. But a conversation with your bankruptcy counsel is important.
Answer Applies to: Ohio
Replied: 9/19/2017
Ronald K. Nims LLC | Ronald K. Nims
Depends on whether you did a reaffirmation of the mortgage. If so, you'll still owe on any deficiency between the foreclosure proceeds and the mortgage balance. If you didn't do a reaffirmation, you have no liability and can walk away. But I would advise you to do a deed in lieu or a short sale to avoid having a foreclosure filed.
Answer Applies to: Ohio
Replied: 9/18/2017
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