No, it has to be reaffirmed on the debtor's statement of intention.
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.
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.
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.
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.
since I reaffirmed my hse under chapter 7 whats the chance the bank would refinace?
The question makes no sense. Bankruptcies don't get "reaffirmed". Individual loans, however, may get reaffirmed in a bankruptcy.If you had a loan for your car, and that loan was neither reaffirmed nor wiped out by the bankruptcy, then you should expect the repo men to show up very soon.
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
They believed that the giving of the commandments reaffirmed their covenant with god.
A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.
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.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
Yes. Failure to reaffirm means that you cannot be sued to recover a deficiency. You can still make the payments.
In a foreclosure, creditors are paid in the order of their liens. A first motgage is paid first. Anything left over goes to the second, and if there is still anything left of proceeds, it goes to the third or to the debtor. Taxes and other municipal liens are paid before anything else.
means you want to keep the property
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.
I can only speak from my own experience. It does indeed appear on our credit report and also states that the mortgage company is filing a claim against us--even though we did not reaffirm the loan. Completely wrong and I've disputed it many times with ALL the credit bureaus but they will not remove it. I'm not sure if there's a government organization that can help force the mortgage company to report correctly to credit bureaus or one that can force the credit bureaus to actually DO an investigation when you dipute it. No win situation, I'm afraid
Any debt discharged through BK is cleared and no longer exists. The debt may no longer exist but the lien against the property still exists. While you do not have to pay the loan, the note holder can still take possession of the property.
Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
If you are speaking of your own mortgage, no.If you are speaking of your own mortgage, no.If you are speaking of your own mortgage, no.If you are speaking of your own mortgage, no.
To compare mortgage you can go to websites that have mortgage calculators, you would just search mortgage calculator. With a mortgage calculator you can easily compare mortgage rates.
Not IF you reaffirmed the loan with the creditor.
Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.