Upside Down Mortgage

Posts Tagged ‘home equity’

I could not afford to pay my mortgage payments so I filed chapter 7 bankruptcy on my mortgage lender. They foreclosed on the home so I just left, vacated / abandoned my property. I drove by a few times and saw people putting notices on my home and signs were put on. The mortgage company obviously took it back and did something to it.

My questions is that, now that I filed for Chapter 7 bankruptcy but my home had equity in it. It is worth, even in this economy, more than the amount I owe the mortgage company - what happens to the equity in the home? do they take it all? do I get anything?

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!