Loan modification without debt reaffirmation-Can it be done?

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me777

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Post Posted: Wed Sep 15, 2010 9:54 am    Post subject: modification allowed but will it automatically reaffirm the
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discharged chapter 7 with no reaffirmation. mortgage company will to modify existing loan but i am concerned if i do this it will reaffirm the mortgage. i do not want to reaffirm but would do a modification as long as it does not automatically reaffirm liability. please help. thank you
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Post Posted: Wed Sep 15, 2010 11:41 pm    Post subject:
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Hi,

Unless you reaffirm the mortgage balance, you won't be personally liable for the mortgage payments. As you won't be liable for the mortgage payments, the lender will not be ready to modify the home loan.

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Post Posted: Tue Jun 28, 2011 2:47 am    Post subject:
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Hi. I filed chapter 7 a year ago. Long story short, my mortgage was never reaffirmed, and if I want to still reaffirm I must reopen the case, pay court and lawyer costs to the tune of $500+. I do not wish to reopen my case. I have been making all of my payments on time over this past year, even though it's not reported on my credit, my lender has it on record.

What I'm hoping for is a modification. I understand I am no longer liable for this debt, but I'm quite certain it is in the bank's best interest to keep me, a customer willing to pay and on time, rather than not working with me at all. Perhaps my modification could include language stating that I am again liable for this debt (which I am not opposed to). I know someone in a previous post stated that a lender would foreclose if a borrower could not pay the dues, but in the current housing crisis, who's to say my house (with a terribly cracked foundation) would even sell? Why would a lender push out someone who's already paying just to keep a vacant property, quite possibly worth less than what I owe on it?

I am willing to pay, I would just like my monthly payments lowered.
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Post Posted: Wed Jun 29, 2011 12:33 am    Post subject:
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Welcome Guest,

If you haven't reaffirmed the debts, then you can surrender the property to the lender who can foreclose it to recover as much dues as possible. If you want to keep the property, then you need to pay the mortgage dues on time. In such a situation, it will be better to reaffirm the loan. However, you will have to contact your bankruptcy attorney in order to find out whether or not you can reopen the bankruptcy filing and reaffirm the debt.

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Icon Mini Profile sabrinatoss
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Post Posted: Fri Jul 01, 2011 2:54 am    Post subject: hi tom smith!
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You have a chance if you will seek for an assistance of a mortgage broker. You'll get done with it in no time just consult every details about it.
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Tltate

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Post Posted: Wed Dec 07, 2011 11:22 pm    Post subject: foreclosure imminent is remod when already in chapt 13 poss
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My mom filed chapt 13 a while back and has one year left to pay if off. SHe didn't include her home then since she was not having issues paying. Unfortunately, she lost her job two years ago. She is currently eight months behind but will be able by January to only be 4 months behind. She spent a year trying for modification and was just denied and told she had til Dec 19th when the house would be sold at foreclosure. She just began to have income again, has an audit in progress and would like to try again for a modification. Is this even possible? She also had an atty tell her that she should put the home in chapt 7, but isn't that just delaying the inevitable as well as costing her her vehicle??? Please help!!
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Post Posted: Mon Dec 19, 2011 1:28 am    Post subject:
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Welcome Tltate,

Your mother can once again apply for a loan modification and check out if she will be able to get it. In case she does not get it, then she may try out for a deed in lieu of foreclosure in order to get rid of the property.

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lillie

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Post Posted: Mon Jan 30, 2012 7:59 pm    Post subject: loan modification
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i file bankruptcy my affirmantion was not approved .and i am trying to modify my loan every time i come to a dead end.
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Post Posted: Mon Jan 30, 2012 11:59 pm    Post subject:
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Hi lillie!

Welcome to forums!

As your mortgage is not reaffirmed in your bankruptcy filing, you're not personally liable for the mortgage payments. In such a situation, the lender won't be ready to modify your loan. You will have to either pay off the loan as per the payment plan or surrender the property to the lender and let him foreclose it.

Feel free to ask if you've further queries.

Sussane
gary-Colorado

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Post Posted: Thu Feb 21, 2013 11:14 am    Post subject: Reaffirming a mortgage 2 years after discharge
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My mortgage was discharged over 2 years ago in a Chapter 7 bankruptcy. My wife was NOT included in the bankruptcy filing.
all payments have been made and the loan has always been current. My bank says I have to re-affirm the mortgage but my lawyer says no way, and can not be done. Any suggestion on who else to contact on a reinance?
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Post Posted: Fri Feb 22, 2013 12:00 am    Post subject:
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Hi gary!

Welcome to forums!

Unless you reaffirm the loan, you are not personally liable for the loan. Due to this reason, the lender won't help you in refinancing the loan.

Feel free to ask if you've further queries.

Sussane
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Post Posted: Mon Mar 25, 2013 5:49 pm    Post subject: forbearance
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have a 3 month forbearance. will filing a chapter7 after the agreement is completed stop the modification process?
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Post Posted: Mon Mar 25, 2013 9:54 pm    Post subject:
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Hi hrlybh!

Welcome to the forums!

A similar query has been replied to in the given page: http://www.mortgagefit.com/inprocess/about56265.html . Please take a look at it. I hope it will help you.

Feel free to ask if you've further queries.

Sussane
Lyndemac

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Post Posted: Sun Sep 22, 2013 11:21 am    Post subject: reaffirmation in california
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I am in a similar predicament. Lawyers tell you it is completely possible to refinance without a reaffirmation, but lenders tell you it is not. I wish I had an answer, but we are basically screwed into keeping our home by paying a loan that we cannot modify it in any way, and does not help our credit score at all. The only thing I have found online is someone suggested finding a loan broker who might be able to find something for us easier than we can. Don't know if that will work yet, as we still haven't found a broker yet.
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Icon Mini Profile adonis
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Post Posted: Mon Sep 23, 2013 12:04 am    Post subject:
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Hi Lyndemac,

It is true that without reaffirmation of the mortgage in bankruptcy Chapter 7, it may not be possible for you to refinance the mortgage. This is because without reaffirmation you will not remain personally liable for the mortgage payments.

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