Posted on: 28th Jan, 2010 07:37 am
i didn't realize until paper signing that i was not reaffirming the mortgage for my house which i intend to keep. i called the mortgage company to get my tax info and they told me that my payments would not be reported to the credit bureaus and i couldn't refi if i did not reaffirm. they strongly advised me to reaffirm.
for some reason my attorney refuses to let me reaffirm my mortgage, wont talk to me and the paralegals are telling me that they never reaffirm mortgages. they say i can keep my house and refinance later etc. they say he won't sign off on it etc. just to keep the payments up. etc my court date is 2/24 and discharge will be 3 mos after that. (i have already paid him all fees and the bk has filed.) can i reaffirm with the mortgage company after the court date and before discharge on my own or with another attorney? do i have to reaffirm when i go to court in 3 wks? any advise would be helpful. i need to be able to refinance this mortgage in 7 years when it stops being interest only. i am truly scared.
for some reason my attorney refuses to let me reaffirm my mortgage, wont talk to me and the paralegals are telling me that they never reaffirm mortgages. they say i can keep my house and refinance later etc. they say he won't sign off on it etc. just to keep the payments up. etc my court date is 2/24 and discharge will be 3 mos after that. (i have already paid him all fees and the bk has filed.) can i reaffirm with the mortgage company after the court date and before discharge on my own or with another attorney? do i have to reaffirm when i go to court in 3 wks? any advise would be helpful. i need to be able to refinance this mortgage in 7 years when it stops being interest only. i am truly scared.
Hi,
It's strange that your bankruptcy attorney is refusing to let you reaffirm the mortgage and I don't understand why. However, even if you do not reaffirm, but keep making payments on time, your lender will not foreclose your property. As far as the refinance is concerned, I don't think the lender will have any problem with that in future. The reason I say this is, the lender wants the loan to be paid off in full. So, if you qualify for a refinance and pay off the existing mortgage, why would the lender have any problem with that?
As you have not yet been discharged from bankruptcy, you can still reaffirm the loan. If you want to reaffirm the mortgage, talk to the mortgage company and also consult with a bankruptcy attorney. However, whether or not you reaffirm the mortgage, make sure you are current on your payments till the time you refinance.
It's strange that your bankruptcy attorney is refusing to let you reaffirm the mortgage and I don't understand why. However, even if you do not reaffirm, but keep making payments on time, your lender will not foreclose your property. As far as the refinance is concerned, I don't think the lender will have any problem with that in future. The reason I say this is, the lender wants the loan to be paid off in full. So, if you qualify for a refinance and pay off the existing mortgage, why would the lender have any problem with that?
As you have not yet been discharged from bankruptcy, you can still reaffirm the loan. If you want to reaffirm the mortgage, talk to the mortgage company and also consult with a bankruptcy attorney. However, whether or not you reaffirm the mortgage, make sure you are current on your payments till the time you refinance.
I will need to refinance before my mortgage explodes in 7 years to a 20 year payment. I am hearing that if I rebuild my credit and stay current I will be able to do this. Thanks again!
lawyers do not want clients to reaffirm because if you fall behind again after you receive your discharge you are still liable for the debt. and in most states, the lender can still come after you for any deficiency balance after selling the home at foreclosure sale.
as for the lender not reporting to the credit bureau's if you do not reaffirm, it kinda doesn't matter. you can use canceled checks and or mortgage statements to show satisfactory payment history to new lender. this is mainly just a scare/collection tactic used by lenders to try and recover money in the future if you default again.
as for the lender not reporting to the credit bureau's if you do not reaffirm, it kinda doesn't matter. you can use canceled checks and or mortgage statements to show satisfactory payment history to new lender. this is mainly just a scare/collection tactic used by lenders to try and recover money in the future if you default again.
I was discharged from Ch 7 June 2009 although we filled out paper work to reaffirm the mortgage but the bank never signed it, the lawyer says he never received anything and the discharge happened. Now we are trying to get PNC to work something out for us as we are still in deep water and 60 days late at this point. Maybe it was a good thing that we didn't reaffirm? We aren't trying to lose our house! But what if we were able to sell it for a profit are we entitled to the equity?
i have to get ex spouse off of mortgage im still in chapter 13 bankruptcy
Hi john,
In order to remove your spouse from mortgage, you'll have to refinance the loan. However, as you have filed Chapter 13, you won't be able to refinance your mortgage now. You need to wait for 1-2 years after the bankruptcy discharge in order to qualify for a refinance.
In order to remove your spouse from mortgage, you'll have to refinance the loan. However, as you have filed Chapter 13, you won't be able to refinance your mortgage now. You need to wait for 1-2 years after the bankruptcy discharge in order to qualify for a refinance.