What will happen to my house after filing chapter 7? 16 Answers as of February 01, 2012

It depends. First, if the home is in Wisconsin, the first mortgage will not likely have a deficiency balance regardless of how you treated the mortgage in the bankruptcy. If you have a second (or third) mortgage and you reaffirmed that debt in the bankruptcy, you may face a deficiency balance on that debt. If you are unsure about whether you signed a reaff, call your bankruptcy attorney and ask her to look it up. You might want to consider getting a renter in the property. First, a renter could possibly save you from foreclosure. Second, even if you have to give up the home it is not a bad idea to have someone on the premises during the many months it takes to complete the foreclosure process. Until the process is complete, the home is still your responsibility. If you leave the area and the home becomes a hazard or is simply ticketed because the grass is too long or the walk unshoveled , you will be responsible for these bills. There are many variables here. Talk to an attorney before making a decision.

I do not understand exactly what you mean by a "stipulation". If this "stipulation" is actually a reaffirmation agreement, you have agreed to remain legally responsible for the debt despite the bankruptcy. If that is what you did and you live in a state where there is not an anti-deficiency statute, you can be sued for the unpaid balance after foreclosure between what is sold for and what the loan balance was.

As long as you did not sign a reaffirmation agreement, you can walk away. However, be advised that if there are any homeowner's association fees associated with the property, you will be responsible for fees that have accrued since the filing of the bankruptcy case up until the property is foreclosed and/or sold.

If you have not signed a reaffirmation agreement with the lender, then the personal obligation to pay mortgage is gone.

If you did not sign a reaffirmation agreement with your mortgage company, the note would have been discharged in your Chapter 7 Bankruptcy. If you walk away from your house, the only action your mortgage lender can take is to foreclose the property. The lender will not be able to look to you for any further payments or to hold you liable for a deficiency balance. With respect to your credit score, it would obviously be better if you could sell the property for enough to pay off the note. Selling the property may be difficult in this market, however. As always, you should consult with the attorney who handled your case or another experienced Bankruptcy attorney to make sure that a reaffirmation agreement was not filed in your case.

If you did not reaffirm on the mortgage, you should be able to walk away. Now, if it has been two years since you filed walking away now might hurt your credit but you should be ok as far as not owing the bank money. But if you reaffirmed on the loan after you filed, you could have personal liability on the note. So, consult an attorney to make sure you did not reaffirm on the loan.