According to my mortgage company, "no." However, the bad part is that you continue to accrue late charges and in the event you accidentally missed a payment, they don't make the standard courtesy calls. They cannot pursue the money once the BK is complete.
A reaffirmed mortgage is one that was included in a bankruptcy but the homeowners get to keep the home instead of losing it back to the bank. The payments and length of loan may be adjusted.
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
Nan, why not ask your B/K attorney?? S/he is more familiar with your case than anyone else. The fact that you "thought" you reaffirmed indicates a possibility that you didnt.
YES, you can include it whether the payments are current or not.
A reaffirmed mortgage is one that was included in a bankruptcy but the homeowners get to keep the home instead of losing it back to the bank. The payments and length of loan may be adjusted.
If you reaffirmed your car loan during your bankruptcy, you agreed to continue making the payments. If you included your car in the bankruptcy, then the loan was wiped clean, as it appears to have been according to your credit report. Your car should have been repossessed, but apparently wasn't. You should check with the lawyer who handled your bankruptcy, but my guess is that your car slipped through the cracks.
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
When you either voluntarily give up the house or you stop making payments (foreclosure).
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
If you quit making payments your creditor will reprocess it, the same thing will happen if you just take back to them yourself. Anyway you do this it will show on your credit report. The best thing would be to try and sell it or get someone to take over the payments. You can call the creditor and tell them you do not want it. As long as it was incldued in your bankruptcy and not reaffirmed they must take it back. It can only be marked on your credit report as discharged through bankruptcy not taken as a repo. I did this with my car. Yes, you can do that. You will have to pay a dime. It wll be listed as backruptcy, not a repo.
My guess is that late payments on reaffirmed debt(s) affect one's credit the same as late payments on any revolving credit. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Not IF you reaffirmed the loan with the creditor.
Sell or continue to make the payments. Do not let the car be repossed. This would hurt your credit and is the last thing to do.
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
This depends on how the house is titled and who is responsible for the mortgage payment. It can be foreclosed on if payments are defaulted the lender does not choose to reaffirm the loan. Or if the exemption does not protect the property, the Trustee can petition for a forced sale.
Nan, why not ask your B/K attorney?? S/he is more familiar with your case than anyone else. The fact that you "thought" you reaffirmed indicates a possibility that you didnt.