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My husband and I filed a ch 7 and it's been discharged.We didn't reaffirm the mortgage , but now have decided that we want to try and keep the home. What can we do at this point?




You can contact your bankruptcy attorney, reopen your bankruptcy and reaffirm the mortgage. After reaffirmation of mortgage, you will become personally liable for the mortgage payments. If you pay off the debts on time, you'll be able to save your property.

Sub: #1 posted on Fri, 07/15/2011 - 21:18

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )

I think the following link may help you in this regard:
"http://www.lawadvicenow.com/law/bank ruptcy-law/can-i-keep-my-house-after..."

Sub: #2 posted on Sat, 07/16/2011 - 03:54

sally.nachelle sally.nachelle

(Posts: 275 | Credits: )

Do not even think about reaffirming. First, a reaffirmation agreement MUST be signed by all parties BEFORE you obtain your discharge. See 11 USC 524(c)(1). Second, if you reopen your case you will be wasting your time and money as the Judge has no authority to entertain a reaffirmation agreement. Assuming you could do this, you would first have to revoke your discharge which would be stupid.

If you are current the mortgage company is not going to take your property. Just make your payments (stay & pay). If you are not current and want to keep the home you have two choices:

1. Work it out with your lender,

or

2. Consider filing a Chapter 13 to cure the arrears over a 3 to 5 year period while making the normal post petition payments to the lender. (Yes you can file a 13 on the heals of a 7 - you just won't get a discharge and, since you already have one, you don't need a discharge).

Des.

Sub: #3 posted on Sat, 07/16/2011 - 08:07

despritfreya despritfreya

(Posts: 170 | Credits: )

the only good part to signing the reaff is it will still report to the credit bureaus to help rebuild your credit.

my idiot lawyer didn't get mine done in time so POOF, no reaff for me.

Sub: #4 posted on Mon, 08/08/2011 - 12:31

blackbeasst blackbeasst

(Posts: 196 | Credits: )

It is true that unless you reaffirm the loan, it will be difficult for you to save the property. However, after reaffirmation, as you will be personally liable for paying the mortgage, if you default on it, the lender can foreclose the property and you will become liable for paying off the deficient balance. Moreover, it will negatively impact your credit report.

Sub: #5 posted on Tue, 08/23/2011 - 23:29

prompet prompet

(Posts: 21 | Credits: )

Quote:
It is true that unless you reaffirm the loan, it will be difficult for you to save the property.


Since when??? Please...if you do not know the answer, do not guess at the answer.

READ POST #4 OF THIS THREAD....SHE IS THE EXPERT ON THIS MATTER.

Sub: #6 posted on Wed, 08/24/2011 - 05:20

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17272 | Credits: )

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