Loan unaffirmed after chapter 7 BK

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Frustrated

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Post Posted: Tue Sep 22, 2009 1:45 pm    Post subject: Loan unaffirmed after chapter 7 BK
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I filed a chapter 7 last year and it was discharged in Nov 08. Since then I have contacting Indymac bank to assist me with a loan modification. When I filed the BK, I also signed a letter of intent to get my first and second mortgage with IndyMac Bank. During the time that I was in active BK. Indymac would not speak with me. Now that my BK is discharged, they are telling me that I can not receive a modification unless the loan is reaffirmed. My BK attorney will not open the BK case for this. Indymac was the one that drop the ball on this and I am being punished. They also mentioned that it wasnt likely to receive a modification after the reaffirmation because I am current on the mortgage. I dont want to walk away from my home. Is there anything that can be done. Also if I did walk away, will Indymac be able to come after me for the payment or will the foreclosure go under the original BK terms since the loan was never reaffirmed.
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Post Posted: Thu Sep 24, 2009 11:29 pm    Post subject:
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Hi Guest,

It is true that unless you reaffirm the loan, the lender will not be ready to give you a loan modification. Moreover, you can do a reaffirmation when you are in bankruptcy. If you are discharged of your bankruptcy, you will have to reopen the case and sign the reaffirmation agreement. If you want to save your property, then you will have to reaffirm the mortgage and pay off the dues. As you did not reaffirm the loan, the lender may foreclose the property to recover his dues. He will not be able to sue you for the deficient amount but the foreclosure would be mentioned in your credit report.

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financialrehabber

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Post Posted: Wed Aug 11, 2010 12:47 am    Post subject: Mortgage Unaffirmed After Bankruptcy
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Wow! I've gone through the exact type of scenario after my bankrutpcy. Except, my attorney had me reaffirm the 2nd mortgage without reaffirming the 1st mortgage. I don't know how that was overlooked. Washington Mutual wouldn't even discuss reaffirming the loan. And Chase Home Loans woudn't either. Frankly, we'ere all better off without Washington Mutual Home Loans. I've since paid my 2nd mortgae, I have my home and those people have no job. Is that poetic justice or what? I have no empathy for Chase Home Loans either. I'm sure mortgage services are too lawyered up to have a candid converstation with a home owner. My bankruptcy was due to illness and I tried to negotiate with my creditors. But, they thought that they'd be better off with socking me with penalties, higher interet rates and a bad credit history. So, I did what a guy has to do. It maes me angry to think that the tax payors bailed out these financail instituitions.
maritza

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Post Posted: Wed Oct 27, 2010 7:43 pm    Post subject: i am going thrue the same i have been in my home for 13 year
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my lender never gave me the oportunity to mod my mortgage i hire 2 attorney and all they wanted was our money we dint have. i even had to put on hold my kids with no food just to pay these attny and at the end all they said that my lender will not wrk with us because of our default pmts my husband lost his job my pmt was to high i have four kids there all crooks
after 3 mod denied i had no choice to file bk 13 i love my home we invested all of our fam love and work in our home and my lender want to take my home with all those threats of folcrosure i am very disapointed that the banks are not helping fstrugleling families like ours i will send letter to obama with my experiance with indymac bank if theres any one please help us
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sara
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Post Posted: Thu Oct 28, 2010 2:21 am    Post subject:
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Hi maritza,

You've mentioned that you filed Chapter 13 bankruptcy. This will help you in reorganizing your debts. You don't have to surrender the property to the lender. Rather the lender will give you a payment plan to pay off the dues within 3-5 yeas.

Take care

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