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What is a reaffirmed mortgage?

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βˆ™ 2014-09-18 00:05:39

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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.

2014-09-18 00:05:39
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Related Questions

Can a mortgage be automatically reaffirmed after a chapter 7?

No, it has to be reaffirmed on the debtor's statement of intention.


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.


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.


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.


Does reaffirming on my mortgage constitute a new contract?

since I reaffirmed my hse under chapter 7 whats the chance the bank would refinace?


What do you do with your car after bankruptcy that was not reaffirmed?

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.


Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?

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.


What covenant with God did the Israelite believe was reaffirmed by the Ten Commandments?

They believed that the giving of the commandments reaffirmed their covenant with god.


What is a reaffirmed loan?

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.


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.


If loan is not reaffirmed on a mortgage is the property still mine payments are made on time?

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.


If your house was not reaffirmed before your ch 7 was dismissed does your mortgage company have the right not to show on your credit reprt that you have a house and are making payments?

Yes. Failure to reaffirm means that you cannot be sued to recover a deficiency. You can still make the payments.


After chapter 7 bankruptcy second mortgage was reaffirmed but not first mortgage if there is a foreclosure who gets their money?

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.


What does reaffirmed mean?

means you want to keep the property


Can a house be sold that was received in divorce that was not reaffirmed in ex-husbands bankruptcy?

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.


If the mortgage on your home was not reaffirmed after bankruptcy can the mortgage holder report on your credit report?

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


If your mortgage was not reaffirmed and it was discharged in bankruptcy do you have to repay it?

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.


What is a mortgage loan originator?

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.


Do you still have to pay monthly mortgage if you have a reverse mortgage?

No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.


Who is responsible for mortgage on an estate foreclosure?

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.


Is mortgage payments considered federal debt?

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.


Where can I compare mortgage rates?

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.


Can the bank repossess a vehicle even if the payments are current?

Not IF you reaffirmed the loan with the creditor.


Can mortgage company foreclose on an estate home in probate?

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.