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Can I reaffirm on my house after a bankruptcy discharge?

I live in NY. I had a [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url]. I have been paying and never late on my mortgage payments and want to reaffirm with them. I called chase (my mortgage lender) and they said I cannot reaffirm. I don't believe them. There has to be a way to do this. Also, the bankruptcy lawyer that i used before is not available anymore. Please help!

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi rdugan,

Welcome to forums.

As per the bankruptcy laws in NewYork, you have the right to reaffirm the mortgage after getting a discharge. But perhaps the court has reviewed your situation and they felt that it wasn't appropriate.

I think you need to contact your attorney soon and if he's not available, hire another attorney so that you get confirmed as to why you can't reaffirm. Maybe you'll have to appeal to the court for further review so that you can reaffirm. After all, it's good that you wish to pay the mortgage and hopefully it will boost up your credit score.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you so much for your response jameshogg. Here's another question for you... I was also wondering if I would be able to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the house if I haven't reaffirmed on the mortgage?
Or, do I need to reaffirm before doing this?

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well, as I've heard of, if you reaffirm, the debt is not discharged. But you can remain current on the loan as you start paying and keep on doing so. Reaffirmation does help protect your home from being taken away due to chapter 7 filing. And if you keep paying, your credit would improve and chances of the lender foreclosing would also be less. And after 2-3 years, you can refinance the mortgage into a new one with favorable terms and rates provided you make the payments consistently.

Let me now your thoughts on this.

Regards,

Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was wondering if i can put my house on my bankruptcy after i had reaffirmed it? It was a mistake and now my ex-wife is putting the house on her bankruptcy and i will be stuck with it. is there some way i can get it on my bankruptcy discharge?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ronald barakat!

Is your name listed on the mortgage or on the deed? In case they are listed, then definitely you will have a say when she is [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url]. You can have a talk with the lender and see if you can negotiate with her so that she does not include the property in bankruptcy.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in foreclosure and when i called my mortgage company to discuss repayment they said the forclosure was on hold. i had a scheduled sheriffs sale about 1 week after i talked to my bank. after the date of the sale i received no notice about what happened at the sale. 3 weeks have gone by and just today i received a notice stating that there is a motion of discharge of mortgage. what does this mean?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ninja,

Discharge of mortgage means that the mortgage is removed from the property. I guess, the lender has recovered his debts by selling off the property. Now you will be receiving a mortgage release certificate. It will be better if you can contact the lender in this regard.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

thanks adonis, i appreciate it. maybe you can help with this, the motion to discharge the mortgage is scheduled for jan 7 at 2pm. today i just received a notice of sheriffs sale for the same date at 12pm. i am really confused here, can you help?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ninja,

In your earlier post, you have stated that:
[quote:8fc13071be]i had a scheduled sheriffs sale about 1 week after i talked to my bank. after the date of the sale i received no notice about what happened at the sale. [/quote:8fc13071be]
But now you have said that the sale is scheduled on January 7. Was the earlier sale of the property called off for some reason?

As far as the motion to discharge the mortgage is concerned, I think the lender will sell off the property that day and will file a mortgage release certificate on the very day at the county recorder's office. Within a few days you will get a mortgage release certificate.

Wish you a Merry Christmas.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We filed chapter 7: 3/2008 and was closed on 6/08. I did the bankruptcy myself without an attorney. Called my lender the other day to see why I have not been getting statements and was told I did not reaffirm my mortgage and will no longer receive statement. Was not aware we had to reaffirm. Also our payment will not be reported to the 3 credit agency. We will be in our home 3 years this coming June and want to refinance and get a lower percentage rate. We have probably been late about 8 times with our payment but current now. Will I be able to refinance and do I need to reaffirm? Thank you~

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I did not reaffirm my [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] before my bankruptcy. It was included in the bankruptcy and approved. The secured portion is $72,000 and the unsecured is higher than when this was granted. If I sell my home to relocate to a have to pay 100,000 or just the secured portion. I have been making regular payments for four years & never late. They tried to foreclose because a was a little late with real estate payments but hemp HELPED & SAID TO CONTACT THE dEPARTMENT OF BANKING. I want out but a need to purchase another home. My credit is greatly improved. I filed bankruptcy because my husband lost his job after 37 years.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

To bubbleupme,

As you did not reaffirm, you would not be personally responsible for the mortgage payments anymore. I don't think in order to refinance the mortgage, you would have to reaffirm. You can contact your lender and check out the type of rates you can get while you refinance.

To Linda,

When was your bankruptcy discharged? Getting a new mortgage loan will depend upon your filing and discharge date of bankruptcy, your present credit score, your financial situation and whether you have any kind of collections or late payments. You have said that you were never late on payments and at the same time you have mentioned that you were little late on your real estate payments. It would be better if you could give further details regarding your situation. Unless you default your mortgage payments, the lender cannot foreclose the property.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My home was included in the bankruptcy and therefore not reporting to any credit agency. Can I walk away without a foreclosure on my credit report at this point? I am not living in the home anymore and cannot make the payments.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As you haven't reaffirmed the mortgage, you are not personally responsible to pay it off. You can definitely walkaway from the property but I think when the lender forecloses the property, your credit will be affected. It would be better if you could consult your bankruptcy attorney.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No they cannot report your foreclosure if you did not reaffirm!! That MUST be listed on your credit report as part of the bankruptcy by law. If they add anything to your credit report about foreclosure after your discharge debt, contact the credit bureau demanding removal. I would get a lawyer to get compensation for the damage they did to your credit.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I filed for bankruptcy in 2005 and discharged in 2005 as well. I had, and have, two mortgages which I have paid every month to this day. Now when I want to refiance my home the bank (which I want to refiance) is telling me that I can't refiance because my 1st mortgage wasn't reaffirmed but my second one was. My question is can I refiance if my house wasn't reaffirmed? What can I do to reaffirm my home now?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Cheryl, as long as you are paying the mortgage on time you will have interest in the house. It means if you sell the house later at profit, that profit is all yours as long as you are not behind any monthly mortgage. The problem is that it does not improve your credit. I was 120K under water. I filed for bankruptcy and my friend bought my house at current market value. I rented from him and now I am paying 1500 less than my original mortgage plus I never moved out.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in bankruptcy now but Chase told me that I should start the modifications even though I active Bankruptcy now. I did not reaffirm any of the loans. Do anyone know or heard of such thing and how it works.
Also, did anyone had any luck with Wachovia bank in refinancing mortgage after bankruptcy

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

WE WANT TO START MAKING PAYMENTS ON OUR HOUSE WE FILED CHAPTER 7 ON AGAIN, BECAUSE OUR MORTGAGE CO. SAID THEY ARE NOT FILING FORCLOSURES RIGHT NOW DUE TO THE BAD MARKET. OUR CHAP. 7 HAS BEEN DISCHARGED. WE DID NOT REAFFIRM THE HOUSE BUT SINCE THEY ARE NOT FILING FORCLOSURES WOULD YOU RISK PAYING ON IT SO WE COULD STAY IN THE HOUSE AND MAYBE EVENTUALLY GET A [url=http://www.mortgagefit.com/refinance.html]REFINANCE[/url] THROUGH ANOTHER CO. OUR CURRENT CO. WILL NOT MAKE OFFICIAL PAYMENT ARRANGEMENTS WITH US BUT SAID THEY WOULD APPLY ANY MONEY SENT TO THE PRINCIPAL AND WOULD AGREE TO A SETTLEMENT ON THE HOUSE IF LATER WE COULD FIND SOMEONE TO FINANCE IT. WE NEED TO STAY IN THE HOME. SHOULD WE RISK IT ? AND WOULD WE HAVE ANY LEGAL RIGHTS TO IT IF THEY STARTED ACCEPTING OUR PAYMENTS ?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I filed bankruptcy chapter 13 and have been currently living in our home and haven't paid the mortgage for over a year. Arm, Interest bullcrap and this caused us to file BK. Question; can we still refinance and have the lender lower our payments and keep the house?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To Amsad,

What type of bankruptcy have you filed? Is it chapter 13 or chapter 7? In case of [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]chapter 7 bankruptcy[/url], your loan can be modified with the approval of the bankruptcy trustee. However, as far as I am aware of, you need to reaffirm the loan in order to get your loan modified. But since your lender is willing to modify the terms of your loan, without you reaffirming the loan, I think you should accept the modification offer.

To Valentine,

Foreclosure is not a very good option for the lenders. It is time-consuming and involves a lot of expenses. That's why most lenders would prefer to not foreclose on the property. They don't mind whether you reaffirm the loan or you don't. What matters to them is whether you are making your payments on time. So, if you're sure you can continue making the payments, you can go ahead and start paying off the loan. So long as you're current on your loan, they're not going to foreclose on your property.

To yearplan,

Have you been discharged from [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]chapter 13 bankruptcy[/url]? If you have been discharged, when did you get the discharge? Have you tried to contact your current lender and asked them what they are planning to do with the loan? Do they intend to foreclose on the property in near future?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The same thing happened to me. My attorney lied to me and told me it had been reaffirmed. He did not bother to get the letter from the lender because he was lazy. there is additional paper work with info about your mortgage. Still he should have asked me.
You can reaffirm after your bankrupsy but the case would have to be reopened. and even if the case is reopened they will not reaffirm if you are late so make sure your are current. It may not be worth all the trouble. They can still foreclose with a reaffirmation if you dont pay on time. The only disadvantage is, you are not being reported to credit bureau. Once the home is paid off you will own the home and get the title. chase is my mortgage holder as well. You just keep paying on time, best advise.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Me and my husband filed for bankruptcy 7 and it has been discharge already. My question is do I need to pay on my 2nd mortgage if it was included in the bankruptcy. I looked at my credit report and noticed that I have a zero balance on this loan because of the bankruptcy. So if I pay any payment to them It will be a voluntary payment. Do I need to pay them at all?

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marklavender1's picture
marklavender1 | Joined: September 13, 2009 01:45 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you need to reaffirm the loan & lender should also agree for it. also continue to make payment

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pattybabe,

If your [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] was discharged through bankruptcy, you are not responsible for the debt anymore. The second mortgage holder cannot come after you or sue you for the outstanding loan balance. However, the second mortgage is secured by the equity in your property and there is a second lien on your property. If you want to keep the house, you need to pay off the lien. Thus, you need to make payments towards the second mortgage, besides paying the first mortgage loan. However, you can negotiate with the second mortgage holder and ask them to settle for an amount less than what is actually owed.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I filed bankruptcy in 2006, when we filed we wanted our house and our cars not in the bankruptcy. Our lawyer did not reaffim our house and one car. I have been calling him and the mortgage company for 2 years trying to figure out if I own my house or not!!!!! I still live in my house and make payments to my mortgage company. We tried last june to buy a house a cross the state because my husband job was thinking of moving us, they told me we could not have two home loans at once, but they did not understand the bankruptcy thing on our credit report. So if I walked away from my house, I should not have to worry they will come back at me later. Will I be able to buy a house in the future????

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

It seems the mortgage is still in your name and you still own the property. You can check with the county recorder's office to find out if the property is still listed in your name. You may not have reaffirmed the loan in bankruptcy, but since you've been making the payments, the lender has not started foreclosure proceedings against your property. Were this mortgage debt discharged in bankruptcy? If it was, then you are personally not liable for the mortgage payments. If you walk away, the lender will foreclose on the property, but they cannot come after you for any deficiency. However, the foreclosure can affect your chances of qualifying for a loan in future, because the loan is still in your name.

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smithfamily4's picture
smithfamily4 | Joined: November 7, 2009 05:53 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We filed chptr 7 bankruptcy in 7/2005 and were discharged about 2 months later. After recent water damage we filed a claim with our insurance company and received a check for the repairs necessary. We then tried to have the mortgage company endorse the check and they said they would not due to us not having a reaffirmation agreement. This is the first we heard of this! After going through our paperwork it was found that we signed an intent to reaffirm but never received a reaffirmation agreement. We understand that prior to October 17, 2005 that it was not a requirement and apparently our attorney felt it was not something we needed to address. We would have gladly signed it as we have no issue with paying the mortgage. We live here for crying out loud! We are being told we have to open the bankruptcy and reaffirm. This is my lawyers fault...why didn't he even bring up the topic of signing a reaffirmation. Now I have to pay him more money and another filing fee for his failure to execute what we said we wanted in the first place? Can we force the mortgage company to treat this as a monitored claim? If they refuse to treat it as a monitored claim can we sue the mortgage company since we pay the insurance premium and the check was made payable to us and our mortgage company explicitly for the repairs that are required? Do we have any legal remedy against the mortgage company if this situation forces us into court just to get them to pay the contractor?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can i discharge a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] and still kept my home if i my frist mortgage payments on time and have never been late

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi. I didn't reaffirm on my house when I filed [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]chapter 7 bankruptcy[/url]. I was discharged in 2008. My house now is not worth anything close to what I'm paying. My question is can I walk away from the house since I didnt reaffirm on it?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I filed Chapter 7 and it has been discharged and my home was foreclosed on but wasn't included in the bankruptcy but was listed. Can they still sue me?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mike,

Since you did not reaffirm the mortgage while in bankruptcy, you have no obligation to pay off the mortgage. Ofcourse, in case you want to keep the house, you need to continue making payments. But if you do not want to keep it anymore, you can walk away from it. If the dent has been discharged through bankruptcy, the lender cannot come after you for the deficiency.

Hi Tired,

Your query has been discussed on the following page:
http://www.mortgagefit.com/bankruptcy/chapter7-sue.html#140513 .

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I bought my house in 2004 with my then fiance. We never married and he never lived there. I did. I paid him $5000 to sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to give up the property b/c that's what my mortgage lender advised me to do. I made the mortgage payments. In 2006 I filed for ch 7 and it was discharged in 2007. I asked my attorney to reaffirm the mortgage. I was under the impression it was all taken care of. I continued to make my mortgage payments like normal after the discharge. In 2008 I was unable to make the payments anymore. I quit paying the mortgage for over 7 mths and was just going to let the house go back to the bank. However, the bank never made any attempts to contact me, send me notices, or start forclosure proceedings. So I finally called them and they stated my attorney never paid the fee to have the reaffirmation started and b/c I was in bankruptcy before and it had not been reaffirmed they couldn't call me or send me anything. I was then asking them if there was a way to modify the loan. Regions mortgage modified the loan, recommitting my ex to 5 more years of a mortgage. I started paying the mortgage again and have been ever sice. But i've missed two mortgage payments over the last year and still nothing from my mortgage company. My ex's name is still on the mortgage and the quit claim deed was something I bought again at the advice from my lender at office depot and was not prepared by an attorney. My ex did not sign the modification. My questions are many, I just don't know what to do now. Do i continue to make the payments am i able to sell? does my ex have rights to the house or against me for what the mortgage company did? do I have any ramificaation against the attorney that didn't do what he was paid to do?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MS. T,

If your ex-partner's name is mentioned on the property deed and the mortgage, then he will be considered as the owner of the property and will also be liable for the mortgage. However, if you've included the loan in your bankruptcy filing and did not reaffirm the loan, then you're not personally liable for the mortgage dues. If you cannot pay the dues, then you can simply surrender the property to the lender and he can sell it off in order to recover his dues.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I filed Chapter 7 in March 2009, but I reaffirmed my home mortgage loan. My bankruptcy was discharged in July 2009, however, I have continued to pay my mortgage on time. My mortgage holder is now telling me that they cannot report to the credit agencies that I am payment my mortgage on time because my mortgage was included in the bankruptcy, even though the debt was reaffirmed. Is this correct? It just doesn't make any sense to me.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Petrina!

Welcome to forums!

If you've reaffirmed the debts, then you're personally responsible for the mortgage dues. In that case, the lender has to report your payments to the credit bureau which will help you in improving your credit record.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i filed [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]chapter 7 bankruptcy[/url] and it was discharged but i didnt put my mortgage on the chapter 7 now i cant afford payments anymore on my house can i still put it on my bankruptcy i filed in december 2009?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As your bankruptcy has been discharged, I don't think you'll be able to put your present mortgage in that filing. However, you can contact your bankruptcy attorney and take his opinion to find out whether or not you can reopen the discharged bankruptcy filing and add the mortgage to it.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we filed a chapter 7 bankruptcy in feb 2010 and it was discharged in apr 2010 we did not include our home as we hoped the mortgage co would help lower payments but they were unwilling to do so now we are behind 4 months because of job loss can we add our home to this bankruptcy as we can no longer afford the payments?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As your bankruptcy is discharged, you will have to reopen your bankruptcy filing in order to add your home and the mortgage in it. It would be better if you could contact your bankruptcy attorney and get his opinion in this regard.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband passed away and the house we had was under his brothers name. I have a bankruptcy and discharged in 2009. Can I put the house under my name without any problems?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Nana,

You can ask your husband's brother to sign a quitclaim deed and transfer the property to you. I don't think you'll face any problems in getting this done.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Valentine wrote: OUR CURRENT CO. WILL NOT MAKE OFFICIAL PAYMENT ARRANGEMENTS WITH US BUT SAID THEY WOULD APPLY ANY MONEY SENT TO THE PRINCIPAL AND WOULD AGREE TO A SETTLEMENT ON THE HOUSE IF LATER WE COULD FIND SOMEONE TO FINANCE IT." Our mortgage loan was discharged through Chapter 7, but the lender still has a lien and could foreclose if we don't make payments, so we are making them. Question: Since the debt itself was discharged, and we don't owe the lender any money, will the payments we make be applied entirely to the principal?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You're not personally liable for the payments. You can stop making the payments and the lender can foreclose the property to recover as much dues as possible. The lender won't come after you for the deficient balance resulting from the property sale. If you make the payments, it will depend upon the lender whether or not he may apply it to the principal amount.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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%.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

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