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Can you do a reaffirmation for a home mortgage debt under Chapter 7 bank?
Wiki User
∙ 12y ago
That depends on the state you live in and the loan company. Talk to your lawyer about this. The bank can always agree to rewrite the loan, which is essentially what has to happen for it to be given a new interest rate. Why they would provide a bankrupt a loan, especially one at a lower rate, I don't know. Maybe they don't want the security back, and feel they would have a greater loss by doing so and in order to prevent a loss by your BK they would rather get less on the existing one. So while you may be able to reaffirm (or get someone to give or maintain your creditability)...you cannot just decide to change the terms to what you want and reaffirm.
Wiki User
∙ 16y ago
Wiki User
∙ 15y agoBasically, bankruptcy uses all your assets to pay all your debts.
The mortgage is a debt.
The house (property) it is secured by is an asset.
You MUST include all of your debts and all of your assets in the filing. You do not and cannot pick and chose what is involved. All are given priorities, some of each may be exempt from seizure or discharge.
You really arent' thinking BK will eliminate the obligation to pay and let you keep things you want for free were you? (Yes, after usable assets are dissolved/sold, remaining debt may be discharged....the idea being you have a clean slate).
Wiki User
∙ 11y agoIn some bankruptcy jurisdictions, if you made all the mortgage payments when due after the filing (FILING, not discharge or close date), you may have re-instated the debt and can apply to refinance it.
If you have not made any payments during the 6 months the chapter 7 was open, and did not make any payments for some time before filing, you may find it difficult to refinance. If the mortgage holder has not started foreclosure proceedings, it might be possible.
If you can afford it, you can file a chapter 13 with a payment plan to get caught up on the mortgage arrears. You have to pay the trustee fee in your jurisdiction in addition to the mortgage arrears, in a plan that can be as long as 5 years.
Wiki User
∙ 9y agoYou can file chapter 7 bankruptcy and reaffirm your mortgage. Your mortgage company is not required to reaffirm your mortgage however, it is their final decision.
Wiki User
∙ 13y agoNo, it has to be reaffirmed on the debtor's statement of intention.
Wiki User
∙ 13y agoIt is always advisable to NOT reaffirm a mortgage because you would then become personally liable for the debt once more- deprtiving you of the benefit of filing for BK.
Wiki User
∙ 12y agoYes, but most attorneys will not sign off on it, because it is almost never in the debtor's best interest in reaffirming a mortgage.
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If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
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 if you inherit a reverse mortgage?
If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.
If mortgage was listed by pro se Chapter 7 debtor as secured debt with intent to reaffirm but the bank never presented reaffirmation agreement can the bank foreclose once the bankruptcy is discharged?
Yes. Or the lender could choose to file for the automatic stay to be lifted and if granted proceed with foreclosure action before the BK is discharged. _________________________________________ If a person is current on the payments, and stays current, there is NO violation of the mortgage contract, and the lender would not foreclose. Miss a payment or two, and it will be treated as any other delinquent account. But until then, the status quo is maintained, the Chapter 7 not relevant.
What is the mortgage clause for jp Morgan chase bank?
The mortgage clause for JP Chase Bank offers mortgage name and address listed as loss payee under the mortgagee clause.
Does a homeowner have to agree to a bank selling their mortgage to another bank?
No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.
Can you file chapter 7 in Florida and re affirm your mortgage?
Yes, but its never wise to reaffirm a mortgage. Even if you dont reaffirm, as long as you keep making the mortgage payments, the bank wont foreclose.
How difficult is it to get a mortgage for people with a 720 credit score but with asylum status?
You should find a good Mortgage Broker, they have access to more mortgage options than a bank does. Check the National Association of Mortgage Brokers for information on you local state chapter. Call around!
How can you transfer an existing mortgage out of your own name and into the name of an LLC?
You cannot transfer a mortgage since the mortgage is owned by the bank. The bank is unlikely to remove the obligation from you to an LLC. You would need to pay off the existing mortgage, transfer the property to the LLC, and then refinance under the LLC . . . if the bank will allow the transfer of title and new mortgage.
How do you become a qualified mortgage lender?
A mortgage lender must be licensed and work within a bank, mortgage bank, or mortgage broker.
What are Savings and Mortgage Banks?
A saving bank is a usual bank which offers you al the facilities of a normal Baking Arena, whereas a Mortgage Bank is a bank which specializes in Mortgage Plans.
Who currently regulates Bank of America mortgage program?
Bank of America is National Bank, so it is regulated by the Office of the Comptroller of the Currency under the U.S. Department of the Treasury.
