Posted on: 03rd Oct, 2009 10:48 pm
We are aboout 40 days into a loan modification after signing a forebearance plan after coming out of a bankruptcy. We are now being asked to sign a reaffirmation and to reopen our bankruptcy which was a chapter 7 discharge. The mortgage company was on the original bankruptcy and when it closed. Would we want to do all of this now? We have never had credit problems until this past year after 4 homes and 35 years of marriage...we made a mistake and it has cost us dearly.
dad1463,
your mortgage lender is asking you to reaffirm. it means your are accepting to pay mortgage as per agreed plan. you can go ahead.
it is good that they are accepting your loan modification
your mortgage lender is asking you to reaffirm. it means your are accepting to pay mortgage as per agreed plan. you can go ahead.
it is good that they are accepting your loan modification
Contact yoru bankruptcy attorney and ask for advise
You are still living in the house at the moment? if you don't reaffirm, does that give them the right to kick you out (I'd assume so?)
Hi dad!
Welcome to forums!
Once you reaffirm your loan, you would become personally liable for the mortgage. The lender will not modify your loan unless you're personally liable for the dues. Reaffirmation agreement is generally signed before your bankruptcy gets discharged. As you did not sign the agreement then, you will have to reopen the case and get the agreement signed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once you reaffirm your loan, you would become personally liable for the mortgage. The lender will not modify your loan unless you're personally liable for the dues. Reaffirmation agreement is generally signed before your bankruptcy gets discharged. As you did not sign the agreement then, you will have to reopen the case and get the agreement signed.
Feel free to ask if you've further queries.
Sussane
In simple words, loan modification is a process in which the lender agress to lower the interest on yoru exiatign loan or lower your princiapl and makign ti affordable to the borrower.
This is is prevent peopel from going in to foreclosure and loose thier house
This is is prevent peopel from going in to foreclosure and loose thier house
Thanks for the suggestions!
BTW sunnyca2009! Your spellings confused me a lot! Gosh...you can use a spell check before answering the question. agress, exiatign, princiapl, makign ti, peopel, loose, yoru - what're all these? They simply make your posts bizarre!!!
BTW sunnyca2009! Your spellings confused me a lot! Gosh...you can use a spell check before answering the question. agress, exiatign, princiapl, makign ti, peopel, loose, yoru - what're all these? They simply make your posts bizarre!!!