0
You need to consult with an attorney who can review your situation and explain your rights and options.
You need to consult with an attorney who can review your situation and explain your rights and options.
You need to consult with an attorney who can review your situation and explain your rights and options.
You need to consult with an attorney who can review your situation and explain your rights and options.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoYou need to consult with an attorney who can review your situation and explain your rights and options.
Add your answer:
Earn +20 pts
What is a reaffirmed mortgage?
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.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
If you did not get your mortgage reaffirmed does this mean you will lose your property?
From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long as the payments are kept up they will not take action against the house and if they do, their interest is solely in the house, not contents.
With a Ch.7 can you reaffirm your first mortgage but have your second mortgage dismissed?
NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations of the lender.
If the mortgage was reaffirmed but on your credit report it appears as Bankruptcy is this an error?
Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.
What is a reaffirmed mortgage?
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.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
If you sell your home after foreclosure proceedings have started and you have a discharged bankruptcy on the home will you receive the proceeds?
I'm guessing what your saying: You went BK and reaffirmed the mortgage. The BK with the reaffirmation was discharged and you kept the home. Your now behind again and being foreclosed. Of course you can still sell the house - you still own it and your not now under any BK court restraint. To effect the sale, you have to pay off the mortgage (and any other liens) against the house in the closing.
If you did not get your mortgage reaffirmed does this mean you will lose your property?
From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long as the payments are kept up they will not take action against the house and if they do, their interest is solely in the house, not contents.
With a Ch.7 can you reaffirm your first mortgage but have your second mortgage dismissed?
NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations of the lender.
If the mortgage was reaffirmed but on your credit report it appears as Bankruptcy is this an error?
Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.
Can a mortgage company sell your loan?
A mortgage company can sell your home for the right price. Often times mortgage companies will offer you an alternative to selling your loan so that you get the best deal available to you. See the related links for mortgage companies in Texas.
What is the difference between mortgage and reverse mortgage?
In a regular mortgage the person is making payments o the mortgage holder in order to build equity in their home. In the case of a reverse mortgage, the bank is making payments to the person against the equity that is in the home. A reverse mortgage allows you to draw on the equity of your home with out having to sell it. Reverse mortgages were created by the U.S. Department of Housing and Urban Development and are federally insured private loans. A reverse mortgage loan is repaid only when you sell your home or no longer live there as your principle residence.
Can you sell your home while you are on a late mortgage repayment plan with your bank?
yea
Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
Can you get a mortgage on a new home when you currently have a 1st and 2nd mortgage on the home you wish to sell?
Yes you can; if you qualify. What I mean by that is can your income handle/carry all 3 mortgage loan payments? If so, then purchasing another home without your current home selling shouldn't be a problem.
If you are thirty days late on a non-reaffirmed mortgage will they foreclose on your home?
30 days generally will not cause a foreclosure. If the debt continues to be 30 days in arrears over months are foreclosure will happen at some point.
