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Can a mortgage company who took over your mortgage two years after bankruptcy discharge require you to reopen your bankruptcy to enter into a reaffirmation agreement if prior company didn't need it?
Wiki User
∙ 12y ago
They would never have more rights than the mortgage company they bought it from....
This would seem very, very, highly unusual...and likely impossible...and why would they want anything if your current...if your not...well that's a different story.
Wiki User
∙ 12y ago
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If you are discharged from chap 7 and did not reaffirm your mortgage can you still surrender your home?
It's my understanding that when you sign a reaffirmation agreement, you then become liable once again for the loan. If the home was included in the bankruptcy, but no reaffirmation agreement was signed, you can "walk away" from the home at any time after the discharge and you're not liable. I've been told that the mortgage company will report it as a foreclosure though.
What can you do if your mortgage company requires a reaffirmation agreement for a loan modification but your lawyer said it was not needed so you did not do one?
If your mortgage company requires a reaffirmation agreement but you did not do it based on the advice of your lawyer, talk to the mortgage company and explain to them why you didn't do it. The lawyer should contact them for you and explain that these documents are not needed. In some cases it can be easier just to sign the reaffirmation agreement as the mortgage company is requesting.
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
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.
You filed Chapter 7 bankruptcy and included your home they are also foreclsing on that how does that work Is it gone after the saleState of MI?
Although a Chapter 7 bankruptcy eliminates your personal obligation to pay the debt and can protection you from a deficiency judgment, it does not get rid of the voluntary lien secured the debt. The credit can still enforce deed of trust or mortgage. Unless you signed a reaffirmation agreement and reached an agreement wiht the bank on keeping the property, the lender can continue the foreclosure after getting relief from the automatic stay or after the discharge has been entered.
How does bankruptcy stop foreclosure?
The bankruptcy stay prevents any action by the lender until the BK is finalized. Be advised that a mortgage lender can petition the court to have said stay lifted so foreclosure proceedings can continue. That rarely happens though. Unless the debtor reaches an agreement with the mortgage holder to reafirm the lending agreement the foreclosure will likely occur after the BK discharge.
How do you reaffirm your home if your ch 7 was discharged before you could reaffirm?
If you mean the c. 7 was dismissed before you got your discharge, you may not have to reaffirm. Everything goes back the way it was before you filed. If you mean you have not received reaffirmation documents from your lawyer or the mortgage company and you have received your discharge, the discharge only applies to the unsecured debts, not the mortgage, and if you signed the "Statement of Intentions" which said you were reaffirming the mortgage, don't worry. You did what you needed to do. It is up to the mortgage company to get you the paperwork, especially if you did not have a lawyer. They may not bother as long as you are making the payments on time. They may be waiting for you to make a late payment or miss a payment, at which point the lack of a reaffirmation agreement may come back to haunt you. This issue depends on your state law regarding the effect of bankruptcies where mortgage contracts provide for automatically bringing the whole balance due forward. Many states prohibit foreclosures in those circumstances, but not all. Talk to a bankruptcy lawyer in your state.
Can you file bankruptcy on your house after chapter 7 discharge?
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
You did not reafirm your mortgage after filing chapter 7 how do you keep your house?
You had to sign and file a "statement of Intention" indicating if you were surrendering the house or reaffirming the debt. If the mortgage company did not send you a reaffirmation agreement, or your lawyer did not prepare one, you should still be able to keep the house, assuming you have continued to make the mortgage payments. If you did not, and are seriously in arrears, you will have to see if a chapter 13 is possible. See a knowledgeable bankruptcy lawyer.
How hard is it to get a mortgage after chapter 13 discharge?
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
If you have never been late on mortgage payments and file bankruptcy can the trustee make you sell your house to have more income to pay creditors?
If you have a lot of equity they can take your house, but if your loan is about what the house is worth then they don't want it..... They want to be able to sell somthing to pay the creditors.... It is very rare for a home to be seized and sold in bankruptcy; generally it is done voluntarily by the debtor/filer because they cannot manage the mortgage payments or a reaffirmation agreement is not possible. The state homestead exemption is what protects a home from a forced sale in bankruptcy or in a creditor lawsuit.
What happens when you file bankruptcy on your house?
I assume that you live in the United States... Don't think that you can "pick and choose" debts to include in your bankruptcy case. A lot of lawyers get this wrong. When you file bankruptcy, all your debts must be listed...under penalty of perjury. A Chapter 13 bankruptcy allows you to keep your house, cure your missed mortgage payments, and resume your future mortgage payments. You must have sufficient income to get a Chapter 13 plan confirmed by the court. In Chapter 7 bankruptcy, you don't have to give-up the equity in your house (as long as the home equity doesn't exceed applicable dollar-limits, and the house otherwise qualifies as your "homestead" under applicable law). The discharge order relieves you of your personal liability for the mortgage loan (as long as you don't sign a reaffirmation agreement). The mortgage lien survives the case. Chapter 7 can temporarily delay foreclosure, but it doesn't help you cure past-due mortgage payments if you are trying to save your house.
