Home purchase price, Date Purchased and Market Value

[Gabriel_S]

Hi all, was just wondering, If I refinanced my home 2 years ago, would that effect my chapter 7 in any way?

[fltoo]

The refi has no bearing on your BK at all. Many of us did a refi and cash out to consolidate debts. Problem now is, market has depreciated and the mortgages are now more than the market value of the house.

Hopefully, you are walking away from the house.

I always have an issue when people say they didn't know what kind of mortgage they got. You need to read every single piece of paper that you sign and ask the bank/broker and the title company/closing attorney to explain anything you don't understand.

No problem on the refi, except trustee might ask what you did with the money. You simply paid off debt. But, from what I am reading, most people don't get asked how they got in debt.

[Gabriel_S]

thanks for answering. I was editing my post and accidently deleted it....sheesh.