I had Chptr 7 six years ago. I didn’t reaffirm mortgage. Can I buy new house and then walk away.. in your original mortgage which covers your situation and you have have invoked it by making the first single payment after the chapter 7 was discharged. You weren’t officially discharged from the mortgage as much as you were discharged for the.
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Even in a chapter 7 bankruptcy, homeowners can file a "reaffirmation of debt" with. things better for credit scores than on-time mortgage payments. Make your mortgage payment priority one for the.
You may choose to remain in your house at any point during the bankruptcy or foreclosure process by reaffirming your mortgage. In a Chapter 7 bankruptcy, reaffirmation involves reinstating your mortgage obligation as it existed prior to the filing of your bankruptcy petition.
1. Once the case is discharged, you cannot reaffirm. 2. There is no reason to reaffirm real estate. You can retain and pay. 3. File a Qualified Written Request with the lender for information that you need on the mortgage AND dispute the information on your credit report with the credit bureaus. Mr. Goldstein is a Virginia-licensed attorney only.
Reaffirming the debt gives it new life– you’re once again legally obligated to pay it. If you don’t make the mortgage payments, the lender can foreclose and your bankruptcy won’t stop this from happening. You’d also still be liable for any deficiency balance after the property’s sale.
What Happens When a Bank Charges Off Your HELOC After a Chapter 7 Discharge? By Tom Streissguth If you file for a chapter 7 bankruptcy, you are asking a federal court to protect you from collection actions and lawsuits over debt.
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A reaffirmation agreement with a mortgage lender means you agree to keep up payments, and that the court will not discharge the loan. Since the lender will still have a lien on the property, however, you risk foreclosure if you cease payments after the bankruptcy, with or without a reaffirmation agreement.
In Chapter 7 bankruptcy, one way to keep the property is to reaffirm the debt. You and the lender will enter into a reaffirmation agreement and file it with the court. Generally, you can only reaffirm debt if your equity in the collateral is exempt.