If you want to keep your home despite filing for bankruptcy, you have two options available to you. With Chapters 7 and 13, you can either give up your home or reaffirm the second mortgage. Reaffirmation of a loan, a legally binding agreement, allows you to waive the right to discharge the mortgage in bankruptcy by promising to pay the debt.
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.
You can apply for a mortgage modification while in Chapter. your plan, the court will generally discharge any remaining debt after five years. Some lenders won’t approve a loan modification request.
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Should I Reaffirm My Mortgage in my chapter 7 bankruptcy case. – Therefore, reaffirming debt on a home is a serious legal question. For example, if you file a Chapter 7 bankruptcy case, your home is worth $200,000.00 and you owe $240,000.00 on it.
How You Can Refinance Your Home After Bankruptcy – Generally, if you want to keep your home after filing Chapter 7 bankruptcy, you should reaffirm your mortgage with your lender. This tells the lender you are committed to paying the mortgage debt and plan to keep your home.
Chapter 7 bankruptcy offers indebted homeowners two options for resolving home mortgage debt. indebted homeowners have the option to reaffirm debts in a Chapter 7 bankruptcy. If the debtor reaffirms.
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. In a chapter 13 bankruptcy, reaffirmation may be integrated into the court-brokered repayment plan to which you and your creditors have agreed.
How to Reaffirm Your Mortgage. Signing a reaffirmation agreement with your mortgage lender is something like glimpsing light at the end of a tunnel. Your bankruptcy ordeal is almost over and you’re keeping your home. Reaffirmation restores the status quo between you and your lender. Unless you negotiate a new contract as part of the process,