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What happens if you dont reaffirm your mortgage when filing chapter 7 in ma?
Wiki User
∙ 13y ago
If it has any equity, the trustee may take it and sell it at auction. If there is little or no euity, the trustee will leave it to the mortgage holder to foreclose. If it is already in forecosure, the mortgagee may file a motion for relief from stay to pursue the foreclosure.
Since there are so many foreclosures and people just walking away from underwater mortgages, it may be possible to work out a rental or refi or some other result. Watch out for scams. Use a local bankruptcy lawyer who is familiar with recent developments.
Wiki User
∙ 13y ago
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Mortgage lates after filing chapter 7 Can a mortgage company report lates after filing of a chapter 7 and before a discharge?
Yes. That reporting to a credit agency of an item of fact, is not an attempt to collect the debt. Your not expecting you mortgage debt to be discharged are you?
Will filing chapter 7 save a home?
No. You still have to pay the mortgage.
Do you have to pay off mortgage arrears prior to chapter 7 filing?
no
Can you keep your home after filing bankruptcy if you have a second mortgage if you want to reaffirm with your first mortgage?
Whether or not a home is forfeited depends on the state or federal homestead exemption, and if the lender is willing to reaffirm the loan agreement. Second mortgages are considered secured debt and have the same legal standing as first mortgages.
Can you reaffirm your first mortgage without reaffirming your second mortgage after filing bankruptcy?
You should file a 'proof of claim" with the bankruptcy court and take you place in line to be paid...whcih will likely be a few pennies on the dollar.
Can you do a reaffirmation for a home mortgage debt under Chapter 7 bank?
That depends on the state you live in and the loan company. Talk to your lawyer about this. The bank can always agree to rewrite the loan, which is essentially what has to happen for it to be given a new interest rate. Why they would provide a bankrupt a loan, especially one at a lower rate, I don't know. Maybe they don't want the security back, and feel they would have a greater loss by doing so and in order to prevent a loss by your BK they would rather get less on the existing one. So while you may be able to reaffirm (or get someone to give or maintain your creditability)...you cannot just decide to change the terms to what you want and reaffirm.
Can you obtain a mortgage after filing Chapter 7 if you just filed chapter 7 in December 2005 and are moving and your wife has good credit and can you both be put on the mortgage?
yes you can !i know from experience that you can the day you leave the courthouse!!!!!!
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
What happens if you lose your job after filing Chapter 13 with a wife who works a mortgage and two car notes in Ga?
If you are unable to make the mortgage payments, you will lose the house to foreclosure- there is nothing you can do at that point. The only option would be to convert to a chapter 7 to discharge any other non-mortgage debt. If you want to keep the cars (or any secured debt for that matter) you will need to KEEP making those payments.
CAN I QUALIFAY FOR A HOUSE LOAN IF I HAD CHAPTER 13?
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.
What do you do after filing Chapter 7 FMCC declares that in CA no reaffirmation agreements apply and are not accepted?
Soooo, what is your question? FMCC doesnt want to reaffirm your loan. Dont they have a choice? give them the car.Ask your b/k attorney about it.
Do you continue to make car payments after filing chapter 7?
No. You may "reaffirm" the debt through your attorney, but not until recommended to do so. If you wish to keep the car, then you need to let your attorney know.
