Question:
I filed bankruptcy before the new laws and my house also went into foreclosure. I heard that it went into auction march 23rd. What happens now? What does it mean when it goes into auction? All the home loans were on the bankruptcy. Will I be responsible for anything if the house was not worth as much as I owed?
Answer:
If your house was included in the bankruptcy you don't have to worry about it any longer. Your lawyer should have explained that to you. It will hang on your credit for about 10 years.
Good luck with your new start.
If you went into bankruptcy, your personal obligations were discharged. The liens on your house remained. As a result, after the auction, you cannot be held liable for any deficiency judgment. However, if there is any surplus, that would belong to your bankruptcy estate unless abandoned by the trustee having filed a "no asset report".
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