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amysnelson · Joined: 18 Nov 2009 Posts: 1 1.28 Dollars($)

Hi, I am wanting to keep one of my homes that I included in my chapter 7 bankruptcy. My BK case is closed and my mortgage company is willing to negotiate the terms of my note. Do I have to Reaffirm the mortgage in order to keep the proceeds of the sale of the home in the future???

savior70 · Posted: Wed Nov 18, 2009 5:47 am Post subject:

Hi,

You need to reopen your bankruptcy case to reaffirm the mortgage. But if the mortgage company is willing to work with you, you do not have to do reaffirmation. You can keep making the mortgage payments on time and retain the house. In future if you sell the house you will have to pay off the mortgage first. Whatever remains in excess after paying off the loan, will be yours. You do not have to reaffirm the mortgage in order to do so.

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