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We got a car and we found out that my mortgage isnt showing on either one of our credit reports and hasnt been reported since 2005. The clincher is that they legally cannot report the mortgage on my report because of the bankruptcy unless I signed an affirmation agreement which I did but the mortgage company failed to file with the courts. SO NOW I can walk away from the house but my it still affects my husband. The issue is that since he is connected with the Mortgage they say they have a right not to file on his credit report either. What is not fair is that we have not missed one payment on our house since filed in 2001 and it is 2011. Neither one of us gets the positive credit on our report. It isnt fair to my husband and why wouldnt we just g rid of the house if we arent even getting it as a positive on either one of our credits. It is a huge payment. We could sale but wont make anything with the economy and needs reparis. They dont have to put on our credit report as a positive and cannot report as a negative on mine but if we walk away my husband can get bad credit for it. How is that fair? Please do not repsond to my post if you do not know wha tyou are talking about. I have spoke to several people including the mortgage company. It is very frustrating.

Niicss · Posted: Mon Jan 10, 2011 3:12 am Post subject:

As the reaffirmation agreement was not recorded, you're not personally liable for the mortgage payments. So, the lender is not liable to report it to the credit bureaus as legally you are not personally responsible for the mortgage payments. However, if you stop paying the dues now, the lender will foreclose the property which may have negative affects on your credit report as they may report it to the credit bureaus.

Guest

I am now late on payments and forclosure is set for October. If I catch up on my payments (I can take a hardship from the 401k) will that stop the forclosure and save my home. MY daughter has Down Syndrome and I am also disabled. Since the lawyer made the mistake and my loan modification is up in April what are my options. Relocating is really difficult and I'd like to save my home.

Niicss · Posted: Wed Feb 16, 2011 2:15 am Post subject:

If you catch up on your payments, the lender will stop the foreclosure auction. However, before paying off the lender, have a word with him in this regard. Moreover, you should note that withdrawing money from your 401k before 59 and 1/2 years of age will make you liable for paying a penalty of 10%.

Guest

We recently were discharged from our Chapter 7 and did not reaffirm on our mortgage. We want to walk away but do not know the proper way to do it...do we just leave the keys on the counter?

Niicss · Posted: Mon Mar 14, 2011 1:59 am Post subject:

You will have to surrender the property to the lender and he will foreclose it in order to recover as much dues as possible. You won't be personally liable for paying any deficient balance resulting from foreclosure.

Guest

I filled chapter 7 dec 09, it was discharged may 2010. Property is in southern ca. Property was surrendered in the BK. Bank of america is telling me they are not foreclosing could take years. They are trying to get me to re affirm the debt. HOA is saying I owe HOA until Bank of America forecloses. Code 523 (a) (16) property is vacant has been. I have called BofA every day for the pass 6 months. They are aware that the HOA is a problem and are absolutely working the system. I've been ask by BofA to short sale the property and re affirm all the debt which I wont do. They have sent me paperwork wanting me to sign asking for a short sale making me responsible for all fee's etc. I have been sent paperwork from Recontrust which is a wholly own subsidiary of BofA starting foreclosure then putting a stop to it. Can I just quit claim this property back to them since the court in Orange county discharged the condo surrendering it back to them or do I need to wait until they foreclose. And can the HOA actually go after me for the fee's which are triple what I should be paying.

jameshogg · Posted: Fri Apr 22, 2011 11:08 pm Post subject:

Hi anickjohnson,

You can surrender the property to the lender. But unless the property is foreclosed and sold off, you may remain liable for the maintenance of the property.

Thanks

Guest

if I had discharge of my primary residence two years ago, kept paying and now want to let it foreclose, what will happen to coborrower who did not do bk? who will get the 1099 and will my bk cover any tax consequences from the 1099 in southern calif. thanks.

jameshogg · Posted: Tue Sep 06, 2011 8:28 pm Post subject:

Hi dee,

The bankruptcy may be mentioned in the credit report of the co-borrower but as far as I know, it won't have a negative affect on his/her credit score. However, the co-borrower will become solely responsible for paying off the mortgage in full. You may be liable for paying off the taxes for any debt that has been forgiven in your bankruptcy filing.

Thanks

Guest

Been trying to reafirm loan with chase they said they no longer reafirm in wisconsin is this true what next

adonis · Posted: Mon Jan 23, 2012 1:51 am Post subject:

Welcome mikeym,

I haven't heard of any such rule which states that reaffirmation does not take place in Wisconsin. Nevertheless, it can be your bank's rule that they won't reaffirm a loan after it was included in bankruptcy. In that case, you may surrender your property to the lender who can sell it off and recover as much dues as possible.

Guest

I want a reaffirmation. I filed bankruptcy about 5 years ago or more. I was three pmts late and they tried to foreclose but I got it payed and now they reaffirmed the loan but it still shows the bankruptcy and isn't reaffirmed as far as that part goes. I don't remember my attorney that was used for it and the mortgage co. says I have to talk to my attorney and get a letter of reaffirmation from him. My mortgage was not suppose to be included in the bankruptcy but was.

adonis · Posted: Fri Feb 10, 2012 12:20 am Post subject:

Hi scoobydeb,

You can reaffirm your mortgage only when you're in your bankruptcy filing. As your bankruptcy filing has been discharged now, you need to contact your bankruptcy attorney and check out if you can reopen your bankruptcy filing now and reaffirm your loan. However, as 5 years have passed, chances are less that you will be able to reaffirm your loan now.

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