how do I reinstate mtg. loan after filing for banckruptcy?

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Icon Mini Profile lyanez19





Joined: 29 Mar 2010

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Post Posted: Mon Mar 29, 2010 10:59 pm    Post subject: how do I reinstate mtg. loan after filing for banckruptcy?
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I filed bankruptcy and my attorney did not reinstate my mortgage loan, I called the bank and the loan officer told me to call my attorney to have it reinstated, my attorney's reply was that he assumed I did not want to stay in the home, and that he doesn't reinstate mortgage loans and I would have to take care of it myself. I don't know what to do now, can I get my loan reinstated myself? The bankruptcy I filed has already been discharged.
Icon Mini Profile adonis
adonis




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Post Posted: Wed Mar 31, 2010 1:45 am    Post subject:
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Hi lyanez,

I guess you are speaking about reaffirmation of the mortgage. You've mentioned that your bankruptcy has been discharged. In order to get your loan reaffirmed now, you'll have to re-open your bankruptcy filing and do so. It is always better to take the help of a bankruptcy attorney in this regard.

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Post Posted: Mon Aug 29, 2011 11:37 am    Post subject: do not reinstate mortgage
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it is generally bad practice to reinstate your mortgage.
1 you will keep the home as long as you keep paying the mortgage, insurance and the property taxes.
2 if you ever get in trouble and can't keep up with the payments, you are NOT personally liable for the difference may your mortgage be upside down. very real situation this day and time.
3. for your credit score, contact the credit reporting agencies and make them update the information that you ARE making timely payments as agreed to the mortgage company. they are required to include correct information on the report. you can do this once a year and it is free.

so now you have the best of both worlds.
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