Posted on: 03rd Aug, 2009 02:31 pm
we are planning to file chap 7 bk. we are upside down on our house equity but do not want to walk away from our house. if we reaffirm with our lender (major bank) during our bk, would there be a chance that the lender would re-write our loan (we also have 2nd with the same lender).we have never been late on any pymts.
then if we make our payments and are not late after the bk how does this affect our chances of getting a refinance 2 or 3 years down the line?
then if we make our payments and are not late after the bk how does this affect our chances of getting a refinance 2 or 3 years down the line?
Hi Guest,
You can reaffirm the loan but you should remember that it would make you personally liable for the loan. As far as rewriting the loan terms are concerned, it would depend upon your lender's discretion. You can negotiate with your lender and check out if he agrees to it.
If you keep on paying your mortgage dues regularly after your bankruptcy is discharged, then you can definitely refinance your loan 2-3 years down the line.
Thanks
You can reaffirm the loan but you should remember that it would make you personally liable for the loan. As far as rewriting the loan terms are concerned, it would depend upon your lender's discretion. You can negotiate with your lender and check out if he agrees to it.
If you keep on paying your mortgage dues regularly after your bankruptcy is discharged, then you can definitely refinance your loan 2-3 years down the line.
Thanks