In Chapter 7 bankruptcy, one way to keep the property is to reaffirm the debt. You and the lender will enter into a reaffirmation agreement and file it with the court. Generally, you can only reaffirm debt if your equity in the collateral is exempt.
Unless you actively seek reaffirmation in a chapter 7 bankruptcy, the mortgage lender might assume your intention is to be absolved from the debt. What Happens if I Don’t Reaffirm My Mortgage After Bankruptcy. – In a chapter 7 bankruptcy, the trustee can seize your property and sell it to pay debts.
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Failing to reaffirm your debt with the mortgage lender in bankruptcy proceedings means you accept the debt as discharged. Discharged means you release the property back to the bank, and the bank writes off the bad debt. Banks will start the foreclosure process after the bankruptcy if a reaffirmation of the debt is not completed.
If somebody has a reverse mortgage. a bankruptcy clause. This may require you to file a reaffirmation agreement while you are inside the active bankruptcy. You will need to confirm whether this.
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If you are turned down for a refinance on your home loan, it’s strictly because the bank has decided that’s how it wants to do business. Nothing in the law prevents a secured lender from pocketing your mortgage payments after bankruptcy nor from modifying the loan or replacing it with a new loan.
Reaffirming debt in Chapter 7 bankruptcy or Chapter 13 bankruptcy. Filing for bankruptcy means that you will be relieved of an overwhelming debt burden, but in the process you may forfeit certain assets. To retain a major asset such as a car, the debt often needs to be reaffirmed through the bankruptcy court.
What If You Want To Reaffirm After Bankruptcy? You can’t reaffirm your mortgage once the bankruptcy case is over without jumping through some additional hoops. You’re going to need to make a motion to the bankruptcy court to reopen your case for the limited purpose of entering into a reaffirmation agreement.
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As a bankruptcy attorney, I get asked many questions each and every day about debt and mortgages.Should I reaffirm my mortgage after I file for bankruptcy?The answer is always – NO. Now, this question has started coming in a different format?