· Why You Shouldn’t Reaffirm a Mortgage in Bankruptcy. If you fall behind on payments for any reason, the mortgage company can make a negative credit report, and if there’s a foreclosure, in those states that allow deficiency judgments, can go after you for any unpaid principal, interest, late fees, lawyer’s fees, costs, etc. as if you had never filed for bankruptcy.
The bankruptcy process is designed to forgive the debts that you owe to your creditors while ensuring that they receive some compensation in return. Since.
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Mortgage Reaffirmation after Bankruptcy. by Stan in Illinois and by John in Milwaukee, WI Is mortgage reaffirmation after a bankruptcy discharge necessary for a HARP refinance? Stan’s lender says he must reaffirm his current home loan to be approved for the Making Home Affordable Refinance Program.
To reaffirm a debt signals that you want to continue making payments on the account and continue to keep the asset. Deciding to reaffirm debt is a serious consideration for bankruptcy, including whether you would be best served to file Chapter 7 bankruptcy or should consider filing Chapter 13 bankruptcy.
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Since § 521(a)(6) requires that reaffirmation be done no later than 45 days after the first § 341(a) hearing, rather than § 365(d)’s 60 days after the filing date requirement, lease assumption and debt reaffirmation as understood in the Bankruptcy Code are distinct concepts. Indeed, on an intuitive level it’s best to think of.
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After your bankruptcy has. paying your mortgage on time will improve your credit report, so long as you reaffirmed the loan while your bankruptcy case was active. If you did not reaffirm the loan,
You do not need to reaffirm a mortgage in chapter 7 bankruptcy to refinance. So , if you want to keep the house after chapter 7 bankruptcy, you.
You have all benefits of ownership after filing Ch. 7 bankruptcy regarding your home, even though you didn’t formally reaffirm that debt with the lender. You simply had no personal liability after your ch. 7 discharge, that is, had you defaulted on the loan the lender could not have sued you for a deficiency.
Continuing to make the mortgage payments after the bankruptcy discharge is received does not reinstate your personal liability on the home mortgage. Mortgage companies sometimes send us "Reaffirmation Agreements" and we are asked to sign them and have our clients sign them when the clients are in a Chapter 7 bankruptcy case.
when does it pay to refinance Your ability to pay back the loan on time is one of the biggest factors. your home can start to look like an ATM from which you can pull out money as you see fit. One way to do that is to refinance.