Did not reaffirm mortgage but stayed in home
WebJun 5, 2013 · Answered on Jun 05th, 2013 at 8:18 PM. You cannot reaffirm any debt after your bankruptcy has been discharged. Bankruptcy law requires any reaffirmation to occur before the discharge is entered. In addition, the only reason to reaffirm is to persuade the mortgage company to report your ongoing payments to the credit bureaus. WebAug 31, 2010 · We stayed in our house with a $2300 a month mortgage. We did not reaffirm the mortgage; we just stayed in our home and kept making payments. We filed with credit scores of 720 each and to this day have never been late on the house payment, nor on other obligations. My wife has become ill and may have to quit her job.
Did not reaffirm mortgage but stayed in home
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WebOct 1, 2012 · My husband and I filed Chapter 7 bankruptcy and it was discharged in May 2010. We did not reaffirm our mortgage, but have stayed in the house and continued … WebJun 5, 2011 · Hi JACustomer, 1) If a house forecloses after the mortgage was included in a Bankruptcy - and not re-affirmed - the foreclosure cannot go on one's credit report - for the same reason that your post-mortgage payments have not gone on your credit report. 2) If the lender issues a 1099-C for the balance of the mortgage after the house is sold at …
WebIt’s also important to understand that while you cannot be held accountable by the lender if you default, you are still responsible for the mortgage and you are still the owner of the home. While filing for bankruptcy will postpone the foreclosure process, it does not pay off the mortgage or protect you from foreclosure. WebJun 17, 2011 · You are not required to file a reaffirmation agreement for real property. It sounds like what you did was indicate that you intended to to reaffirm your mortgage on …
WebAug 28, 2012 · We did not reaffirm our mortgage & recently tried to remortgage under the new harp loan with our current mortgage company but they refused to do it unless we … WebYou sign a reaffirmation agreement, you remove your mortgage debt from the bankruptcy. If you keep making payments, nothing happens, but if you end up losing the home, and the bank sells it for less than you owe, you're on the hook for the deficiency amount.
WebAug 28, 2012 · We did not reaffirm our mortgage & recently tried to remortgage under the new harp loan with our current mortgage company but they refused to do it unless we reaffirmed first. ... We were now thinking that we may have more luck trying to get a home equity loan to finish the garage. Dorothy G Bunce View Profile . 4.9047619047619 stars …
WebSep 28, 2015 · Mortgage lenders typically prefer you to reaffirm the debt because it gives them more leverage and options. Often, though, it’s better for you not to reaffirm to give you more options. However, one of the … small homes sydneyWebshould not reaffirm. A debtor should not enter into a reaffirmation agreement to retain property if he or she can get adequate replacement property for less money. For example, if a replacement used car costs $5,000 at a 5% interest rate and the reaffirmation agreement would require the debtor to pay $6,000 at a 5% interest rate or sonic elements in poetryWebJan 17, 2024 · In certain situations, you may have the option of reaffirming the debt to avoid losing the house if you continue making your payments. However, it’s best to talk … small home stereo receiverWebApr 28, 2024 · Yes, you can, but the timing is tricky. Short answer: You can rescind (cancel) it : 1. any time before discharge or 2. within 60 days of the agreement being filed with the court. Long answer: According to the bankruptcy code, 11 U.S.C. 524 (a) (3) (J): You may rescind (cancel) your reaffirmation agreement at any time before … Continue reading small homes suffolk county nyWebReaffirmation agreements generally benefit the mortgage company, not you. When you sign a reaffirmation agreement, this effectively waives the discharge you would have … sonic e johnnyWebJan 5, 2024 · Reaffirmation agreements are unnecessary: You can keep your home even if you don’t reaffirm your mortgage. You can continue making your mortgage payments after bankruptcy and protect your home from foreclosure, even if you do not sign a reaffirmation agreement. How to Decide Whether to Reaffirm Your Mortgage small homes texasWebConsumer Protection Attorney John G. Watts explains whether or not you would be kicked out of your home if you haven't reaffirmed your mortgage after filing ... sonicelectonics speakers size