Refinancing after Bankruptcy and Reaffirming my Mortgage by: Brenda from Madera Four years ago, I filed and was granted chapter 7. I was never late nor missed any loan payments and have continued to pay my loan.
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A reaffirmation agreement with a mortgage lender means you agree to keep up payments, and that the court will not discharge the loan. Since the lender will still have a lien on the property, however, you risk foreclosure if you cease payments after the bankruptcy, with or without a reaffirmation agreement.
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You have a right to get credit for payment made whether or not you filed a bankruptcy. You also have a right to have accurate information given to credit reporting agencies (Experian, etc.) and to have accurate reports made by the credit reporting agencies. Reaffirmation is not the answer to your problem here.
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The bankruptcy court only has the power to approve your reaffirmation agreement if you have an open case and haven’t yet received your discharge. You can submit your signed agreement to the court during the proceedings. If you have an attorney and he signs it as well, you may be able to avoid a court hearing.
I filed bankruptcy in 2008, and at that time asked to reaffirm my home loan. I have been paying my loan on time for 4 years, not realizing that my home loan had been discharged in the bankruptcy.
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In other words, failing to reaffirm your mortgage after bankruptcy will necessarily result in foreclosure. If you choose to remain in your house for too long, it may also result in your eviction. Unless your state’s property exemption law permits you to shield sufficient equity in your home to preclude its seizure, you should begin making.
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.
Reader question: My daughter and son-in-law (the kids) went through bankruptcy a couple of years ago but did not include their home in bankruptcy. The judge approved their decision to do so. amount.