Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

mortgage never reaffirmed in New Jersey

Author Message
camillali7@aol.com

Guest







Post Posted: Wed Sep 30, 2009 3:53 pm    Post subject: mortgage never reaffirmed in New Jersey
Like 0
Dislike 0

I filed Chapter 7 bankruptcy; it was discharged in Dec, 02...I am a year behind in my mortgage payments but the bank says it can't do a loan modification because I didn't reaffirm my mortgage loan...I have been paying the mortgage for the past 7 years...If it was discharged, why was I paying the bank and if it was discharged, why didn't they remove me from the house?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10267
Location: ALASKA
1046.07 Dollars($)
Post Posted: Wed Sep 30, 2009 8:06 pm    Post subject:
Like 0
Dislike 0

Hi camillali,

If you had reaffirmed the loan, then it would have made you personally liable for the loan. Thus, the lender would have agreed to a loan modification. However, as you didn't reaffirm the loan, the lender will not modify it as you are not personally liable for the dues. But, the lender still holds the lien on the property. Thus, he was accepting the payments that you made. If you stop making the payments and surrender the property, he would foreclose it and sell it off to recover the dues.

_________________
Procrastination is the enemy of your financial success
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.062 seconds.