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trish579 · Joined: 23 Feb 2010 Posts: 1 1.45 Dollars($)

Hello,
I was told not to reaffirm the mortgage and the reason I was told not to is cuz if you can't make the payments any longer the house will be covered under your bankruptcy instead of being a foreclosure.

Can anyone confirm if that is true?

smithsussane · Posted: Tue Feb 23, 2010 9:34 pm Post subject:

Hi trish!

Welcome to forums!

As far as I know, if you do not reaffirm your bankruptcy and surrender the property to your lender, he will foreclose it to recover his dues. The foreclosure would affect your credit score but the lender won't be able to come after you for the deficient balance.

Feel free to ask if you've further queries.

Sussane

Guest

I didn't realize until after our bankruptcy was filed that our mortgage loan was not reaffirmed. The bank however did do a loan modification to lower our monthly payments. I am not sure if the bank knew that it was included in bankruptcy. I don't know how they wouldn't know, but they didn't mention it and they did modify it. I am right now trying to find out if the modification somehow reaffirmed the mortgage making us liable again. Anyone know?

jameshogg · Posted: Tue Jun 01, 2010 11:53 pm Post subject:

Hi dvever,

If the loan has been reaffirmed, then your lender will have information in this regard. You can get in touch with your lender and get to know whether or not your loan is reaffirmed. Apart from this, you can contact your bankruptcy attorney and he will help you with the information.

Thanks

Guest

if you do not reaffirm your loan how does that affect your taxes at the end of the year ? do you still get to use your home as a write off on taxes.

smithsussane · Posted: Thu Sep 22, 2011 10:40 pm Post subject:

Hi Chrisc!

Welcome to forums!

If you do not reaffirm your home loan, the creditor is not liable to report the payments to the credit bureaus. In such a situation, you may not be able to get a write off on taxes. Nevertheless, it will be better if you could contact a tax adviser and take his opinion in this matter.

Feel free to ask if you've further queries.

Sussane

Guest

I have chp. 7 discharge, completed loan mod application, it was denied due to in sufficient income to support deficit, however, I submitted the most recent paystubs to show updated pay, can I still be denied? Thus us an fha loan. I am five payments behind, no loan affirmation, attorney states no court will approve it, help!!!!

jameshogg · Posted: Thu Jan 19, 2012 12:31 am Post subject:

Hi Guest,

As you haven't reaffirmed the loan, you won't be able to qualify for loan modification. This is because, you are not liable for the loan payments personally.

Thanks

Guest

You can have your home debt discharged in a chapter 7 and still get a loan modification after. You do not have to re-affirm the dbt. Why would you do that, if you could not afford the home to beginn with. You may be able to ask the bank to lower your mortgage debt if you upside down and the reaffirm. But in general you are better of not re-affirming.
Also you can make regular payments and send the statements to the credit buros once a year, they have to post it on your credit that you made those payments. As to if you default on your payments later on..you can always walk away from the home if you don't reaffirm. They will foreclose and can not report it on your credit report because it was included in your bk..Be aware that any mortgage company will look at land records and see that a home was forclosed, even if it is not on the credit report and that might hurt you when trying to get a new loan for a new home.

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Can a Mortgage be added to a discharged bankruptcy if it was listed?