Comments on: If I Do Not Reaffirm My Mortgage in Chapter 7, Do I Automatically Lose Title to my House? http://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/ Personal Bankruptcy tips and tricks moderated by Atlanta lawyer Jonathan Ginsberg Tue, 17 Jan 2012 01:57:46 +0000 hourly 1 By: Jonathanhttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-18299 Jonathan Tue, 17 Jan 2012 01:45:55 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-18299 Brenda, what you are describing is a "stay and pay." Generally, if you continue to pay the mortgage, the lender will not take any action to foreclose against you. Because you did not reaffirm your payments your personal obligation to pay has been extinguished and you will not be liable if you decide to stop paying and move on. On the other hand, when you do not have personal liability, all those payment you make will not show up as positive marks on your credit reports. Brenda, what you are describing is a “stay and pay.” Generally, if you continue to pay the mortgage, the lender will not take any action to foreclose against you. Because you did not reaffirm your payments your personal obligation to pay has been extinguished and you will not be liable if you decide to stop paying and move on. On the other hand, when you do not have personal liability, all those payment you make will not show up as positive marks on your credit reports.

]]> By: Brendahttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-16869 Brenda Tue, 06 Dec 2011 20:14:49 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-16869 @<a href="#comment-11040" rel="nofollow">Joseph C. McDaniel</a>: I live in Ohio and filed ch 7 in 2005 I was divorced in 2003 and my ex husbands name is still on the mortage. I am working with Ocwen to get his name off. The question I have is that back then they didnt do reaffimations and I called the court and was tolded the property was abandon, I still live and pay mortage every month. I called my atorney and was tolded I would be fine to keep my house. @Joseph C. McDaniel:
I live in Ohio and filed ch 7 in 2005 I was divorced in 2003 and my ex husbands name is still on the mortage. I am working with Ocwen to get his name off. The question I have is that back then they didnt do reaffimations and I called the court and was tolded the property was abandon, I still live and pay mortage every month. I called my atorney and was tolded I would be fine to keep my house.

]]> By: Jasonhttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-16433 Jason Sat, 26 Nov 2011 06:26:19 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-16433 I have the exact same situation here. Filed in 2003, thought it was reaffirmed, it wasn't and I have paid on time ever since. It is a rental now paying for itself. How will this play out now that I want to buy another house? I have the exact same situation here. Filed in 2003, thought it was reaffirmed, it wasn’t and I have paid on time ever since. It is a rental now paying for itself. How will this play out now that I want to buy another house?

]]> By: Staceyhttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-15201 Stacey Wed, 12 Oct 2011 23:59:02 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-15201 I filed a Chapter 7 BK and was discharged in 2009 and surrendered my condo. I moved out and the condo was vacant for 2 years. I was homeless and disabled and checked with the title company to see if I still had any interest in the condo. To my surprise, my name was still on title. I moved in for 4 months to get my health together and find a job. Originally, I wanted to work with the bank and get a modification. They turned me down. I haven't paid on the condo in over 2 years, this is the weirdest thing I have ever witnessed or heard and I have no idea how this happened. The condo is in California and titled still in my name. I moved out again and title is still in my name. Can I rent it out? Can I sell it? I filed a Chapter 7 BK and was discharged in 2009 and surrendered my condo. I moved out and the condo was vacant for 2 years. I was homeless and disabled and checked with the title company to see if I still had any interest in the condo. To my surprise, my name was still on title. I moved in for 4 months to get my health together and find a job. Originally, I wanted to work with the bank and get a modification. They turned me down. I haven’t paid on the condo in over 2 years, this is the weirdest thing I have ever witnessed or heard and I have no idea how this happened. The condo is in California and titled still in my name. I moved out again and title is still in my name. Can I rent it out? Can I sell it?

]]> By: Alex Guerrerohttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-14340 Alex Guerrero Sat, 10 Sep 2011 06:28:27 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-14340 Hi, my parents have recently decided to file ch 7 on their debt, they have stopped making their monthly mortgage payments, but the bankruptcy lawyer said, that he'll take care of the mortgage. Is this something that is common in California? Hi, my parents have recently decided to file ch 7 on their debt, they have stopped making their monthly mortgage payments, but the bankruptcy lawyer said, that he’ll take care of the mortgage. Is this something that is common in California?

]]> By: Michellehttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-13861 Michelle Wed, 27 Jul 2011 21:22:03 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-13861 Hello, I recently had my chapter 7 bankruptcy discharged in June of this year. I have been making my mortgage payments on time since the discharge. I have been receiving conflicting information as far as if I stop paying the mortgage, whether or not it would affect my credit. My attorney advised me that my credit should not take another hit, even if they foreclosed but I hear different information from different attorneys and people. I contacted Wells Fargo today and they advised me that even if I paid the mortgage in full I would not receive the deed to my home until I reaffirmed my mortgage which means reopening my bankruptcy case and from what I understand trustees do not like doing so and this opens another can of worms as everything will be re-evaluated. It sounds as if I would have been better off indicating that I was going to surrender the property so I dont' have to worry about a foreclosure and/or short sale going on my credit. Does anyone have experience in this area or can address my concerns? Seriously confused! Hello,
I recently had my chapter 7 bankruptcy discharged in June of this year. I have been making my mortgage payments on time since the discharge. I have been receiving conflicting information as far as if I stop paying the mortgage, whether or not it would affect my credit. My attorney advised me that my credit should not take another hit, even if they foreclosed but I hear different information from different attorneys and people. I contacted Wells Fargo today and they advised me that even if I paid the mortgage in full I would not receive the deed to my home until I reaffirmed my mortgage which means reopening my bankruptcy case and from what I understand trustees do not like doing so and this opens another can of worms as everything will be re-evaluated. It sounds as if I would have been better off indicating that I was going to surrender the property so I dont’ have to worry about a foreclosure and/or short sale going on my credit. Does anyone have experience in this area or can address my concerns? Seriously confused!

]]> By: Ceciliahttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-13802 Cecilia Wed, 29 Jun 2011 15:48:38 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-13802 I filed Chapter 7. My court day is on July 2011. I just miss one of my mortgage payment a month ago. I contact my mortgage lender because I was doing a home modification. Now they told me that my loan is at the BK dept. I want to keep my house but I'm worry that the fact that i'm behind of one of my mortgage payment is going to affect my Bk and My modification. What should I do? Thank you I filed Chapter 7. My court day is on July 2011. I just miss one of my mortgage payment a month ago. I contact my mortgage lender because I was doing a home modification. Now they told me that my loan is at the BK dept. I want to keep my house but I’m worry that the fact that i’m behind of one of my mortgage payment is going to affect my Bk and My modification. What should I do? Thank you

]]> By: Tinahttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-13517 Tina Tue, 07 Jun 2011 18:06:32 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-13517 Hi Johnathon, My husband changed jobs ( it moved us 1k miles from our property) and we were trying to sell our home. We have an offer a good offer for the economy. The PMI is denying the offer because we are not 60 days late just the mandatory 30 days. We filed a Chp 7 in 2009 and was discharged in 2010 without reaffirming on the home. Can we threaten that if they don't approve the short sale we will walk since he house was never reaffirmed on can they come after us? Will they report more neg to the credit bureau or is all that covered under the discharged? My fear is our buyer will walk since she has had a contract on the house since March and it is now June. Thank you for your help! Hi Johnathon,
My husband changed jobs ( it moved us 1k miles from our property) and we were trying to sell our home. We have an offer a good offer for the economy. The PMI is denying the offer because we are not 60 days late just the mandatory 30 days. We filed a Chp 7 in 2009 and was discharged in 2010 without reaffirming on the home. Can we threaten that if they don’t approve the short sale we will walk since he house was never reaffirmed on can they come after us? Will they report more neg to the credit bureau or is all that covered under the discharged? My fear is our buyer will walk since she has had a contract on the house since March and it is now June.
Thank you for your help!

]]> By: Joey Tuhttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-12661 Joey Tu Fri, 12 Nov 2010 16:18:49 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-12661 <p>I have also filed chapter 7. I like to keep my house, but my mortgage company refused to talk to me. They said that I my BK attorney needs to submit a letter to remove the BK status of my account in order for them to work with me. I like to keep the house and pay back the mortgage and now I can not even do that. Do I have to go to court again?</p> I have also filed chapter 7. I like to keep my house, but my mortgage company refused to talk to me. They said that I my BK attorney needs to submit a letter to remove the BK status of my account in order for them to work with me. I like to keep the house and pay back the mortgage and now I can not even do that. Do I have to go to court again?

]]> By: jandersonhttp://www.thebklawyer.com/thebkblog/2009/05/28/if-i-do-not-reaffirm-my-mortgage-in-chapter-7-do-i-automatically-lose-title-to-my-house/#comment-12436 janderson Tue, 07 Sep 2010 22:12:27 +0000 http://www.thebklawyer.com/thebkblog/?p=350#comment-12436 <p>I am in process of Chapter 7- my house is not underwater- it has $40k equity-</p> <p>My attorney has recommended I Surrender the house. I insisted it say REAFFIRM.</p> <p>I was never ever told what the consequences are of surrendering. I like my house and I really believe this is a catch 22. If I reaffirm and pay I can stay-- if I surrender and pay I can stay-</p> <p>Wow- after years of already paying- why should I surrender?</p> <p>The benefit I am being told is to stay in the house and not pay. If a surrendered property is not paid, can the mortgage company force you out????</p> I am in process of Chapter 7- my house is not underwater- it has $40k equity-

My attorney has recommended I Surrender the house. I insisted it say REAFFIRM.

I was never ever told what the consequences are of surrendering. I like my house and I really believe this is a catch 22. If I reaffirm and pay I can stay– if I surrender and pay I can stay-

Wow- after years of already paying- why should I surrender?

The benefit I am being told is to stay in the house and not pay. If a surrendered property is not paid, can the mortgage company force you out????

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