Walk away after reaffirmed?

[staytogether]

We discharged in March 09 and had planned to keep our house. We are not sure if we signed reaffirmation papers on our 1st and 2nd mortgages. We want to walk away now because of a job opportunity in another area that would require us to move (DH was laid off 6 months ago and we need the work badly).

So my question is, if we signed reaffirmation papers on the house (I'm not sure if we did or not), what happens if we walk away anyway? All I know is that we filed a No Asset Ch. 7. I can't remember all the papers we signed, there were so many of them.

Sorry if this has been asked before.

[keepmine]

If you reaffirmed the debt, you are liable for any deficency balance if the house is foreclosed on.

[AngelinaCatHub]

If you reaffirmed the debt, you are liable for any deficency balance if the house is foreclosed on.

A reaffirmation is just that. You except it from the bankruptcy forgiveness. They can get a Judgment and garnish or attach your remaining and future stuff. Hope you have not reaffirmed. 'Hub

[staytogether]

I double checked and we did reaffirm the 1st and 2nd mortgages.

I guess what I'm wondering is how much worse does your credit look after doing this? If a person walks after a bk, doesn't it still appear as a foreclosure on your credit?

Thanks for answering my questions. I really appreciate the help. I see that we made a big mistake reaffirming, but at the time we had no clue that we would ever be in a position where we'd want to walk away from our house.

[StartingOver08]

First of all, get your BK file out and review your petition to see your Statement of Intentions. Then check to see if there are any reaffirmation agreements that were signed after you filed but before you were discharged.

If you do not have your file, check Pacer and the reaffirmation agreement should be recorded in your BK case. If you still do not see any reference to a reaffirmation agreement, double check with your attorney to make sure you either have a reaffirmation with your mortgage company or not.

If you do, then the previous poster is right, you are responsible for the debt.

Oh I see you posted in the meantime. Do you have any equity in the house? If so, sell it. If not you can attempt a short sale or a deed in lieu.

[Chowder]

Yes, you would have the additional hits on the credit report now.
The BK, plus, foreclosure and judgment. Don't know if a garnishment shows up on a credit report.