Posted on: 31st Oct, 2009 09:30 am
hello,
i have filed chapter 7 bankruptcy, i have not reaffirmed the mortgage. the mortgage company stated that i am under no obligation to pay. i have volunteered to continue to pay to stay in the home. i am not reconsidering my position as the loan was predatory and broke so many consumer protection codes. if i hold the deed and the mortgage company states that i am under no obligation to pay the note, and it is the note that must be unpaid in order for a bank to begin forclosure proceedings then do they have the ability or right to forclose.
if they own a note under which there is no obligation as decided by a bankruptcy judge then can they forclose, ever?
i have filed chapter 7 bankruptcy, i have not reaffirmed the mortgage. the mortgage company stated that i am under no obligation to pay. i have volunteered to continue to pay to stay in the home. i am not reconsidering my position as the loan was predatory and broke so many consumer protection codes. if i hold the deed and the mortgage company states that i am under no obligation to pay the note, and it is the note that must be unpaid in order for a bank to begin forclosure proceedings then do they have the ability or right to forclose.
if they own a note under which there is no obligation as decided by a bankruptcy judge then can they forclose, ever?
>>and the mortgage company states that I am under no obligation to pay the note
That doesn't make sense. There must be a misunderstanding. A mortgage company isn't going to tell a borrower they aren't obligated to pay their Note.
>>If they own a note under which there is no obligation as decided by a bankruptcy judge then can they forclose, ever?
Yes. A Bankruptcy Judge doesn't have the attority to tell a Lender the Borrower isn't obligated to pay their Note. Unless you're in a chapter 13 - in that case the Judge can modify the mortgage terms while you're in the bankruptcy, but once you've completed the chapter 13 program, the terms of the original Note are back and they can foreclose if you don't adhere to the Note.
That doesn't make sense. There must be a misunderstanding. A mortgage company isn't going to tell a borrower they aren't obligated to pay their Note.
>>If they own a note under which there is no obligation as decided by a bankruptcy judge then can they forclose, ever?
Yes. A Bankruptcy Judge doesn't have the attority to tell a Lender the Borrower isn't obligated to pay their Note. Unless you're in a chapter 13 - in that case the Judge can modify the mortgage terms while you're in the bankruptcy, but once you've completed the chapter 13 program, the terms of the original Note are back and they can foreclose if you don't adhere to the Note.
Thank you for your response, I have filed Chapter 7 Bankruptcy and the bankrupcy has been discharged. The Mortgage company refuses to send me any statements on my Mortgage or allow me access to my account online due to the Bankrupcy. They have stopped all collection activity however did send a threatening letter when they thought I had unpaid RE Taxes, this was an error the Taxes have been paid and proof was faxed to them.
I am still unclear as to why they would state that "I am under no obligation to pay?
I am still unclear as to why they would state that "I am under no obligation to pay?
>>I am still unclear as to why they would state that "I am under no obligation to pay?
Me too. What does your Attorney say about it?
Me too. What does your Attorney say about it?