Filing personal bankruptcy, either the Chapter 7 liquidation or Chapter 13 reorganization type, can be personally stressful and hard on your credit. The ability to obtain a mortgage loan after.
You cannot reaffirm that debt now, from a 2009 Chapter 7 case that was discharged. The mortgage lien survived your discharge, though, and it was not avoided by your Chapter 7 discharge. You can sign a new loan agreement with the current lender, or you can sign a loan with another lender, and pay off the existing loan.
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Rather than voluntarily making payments on the mortgage after you file your Chapter 7 bankruptcy case, you or your lender may look at a process called reaffirmation. Reaffirmation is a legal term, but it loosely means a new promise to repay a debt after bankruptcy that otherwise would be wiped out.
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.
If your mortgage is current, you may be able to keep it going during and after your Chapter 7 bankruptcy. If you don’t sign a reaffirmation agreement, though, you may need to self-report mortgage payments to protect your credit. Here’s how.
You may choose to remain in your house at any point during the bankruptcy or foreclosure process by reaffirming your mortgage. In a Chapter 7 bankruptcy, reaffirmation involves reinstating your mortgage obligation as it existed prior to the filing of your bankruptcy petition.
I have yet to see a mortgage company in Texas foreclose on someone’s home, after a Chapter 7 bankruptcy case is filed who was keeping the payments, home insurance and property taxes, just for not signing a reaffirmation before the Chapter 7 discharge.
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If you reaffirm you are agreeing to be personally liable for the debt after the conclusion of the Chapter 7 bankruptcy. This means if you get in trouble and default after the bankruptcy not only can they foreclosure but the mortgage company can get a deficiency judgment and sue you to collect on it.
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