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Can I reaffirm on my house after a bankruptcy discharge?

Posted on: 08th Sep, 2008 03:51 pm
i live in ny. i had a chapter 7 bankruptcy. 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!
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?
Posted on: 16th Jul, 2009 09:28 am
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.
Posted on: 19th Jul, 2009 10:40 am
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
Posted on: 19th Jul, 2009 10:46 am
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 refinance 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 ?
Posted on: 21st Jul, 2009 07:54 pm
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?
Posted on: 02nd Aug, 2009 01:40 pm
to amsad,

what type of bankruptcy have you filed? is it chapter 13 or chapter 7? in case of chapter 7 bankruptcy, 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 chapter 13 bankruptcy? 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?
Posted on: 05th Aug, 2009 07:15 am
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.
Posted on: 22nd Aug, 2009 09:39 am
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?
Posted on: 25th Sep, 2009 07:35 pm
you need to reaffirm the loan & lender should also agree for it. also continue to make payment
Posted on: 26th Sep, 2009 08:11 am
hi pattybabe,

if your second mortgage 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
Posted on: 30th Sep, 2009 06:05 am
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????
Posted on: 28th Oct, 2009 11:33 am
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.
Posted on: 30th Oct, 2009 03:22 am
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?
Posted on: 09th Nov, 2009 05:42 am
can i discharge a home equity loan and still kept my home if i my frist mortgage payments on time and have never been late
Posted on: 13th Nov, 2009 09:02 pm
hi. i didn't reaffirm on my house when i filed chapter 7 bankruptcy. 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?
Posted on: 02nd Dec, 2009 08:49 am
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