Posted on: 29th Nov, 2009 08:44 pm
After reading some of these posts i'm confused. We filed / completed chapter 7-closed in March -09. We are still living in our house, payments kept up to date. We did not reaffirm the house. Does this mean that even if we continue paying on time for the remainder of the loan at the end the house is still not ours? Can we sell the house if we wanted to????????
Hi reallylostnow,
As long as you keep making the payments towards your mortgage, the lender will not start foreclosure proceedings against your property. It is always better to reaffirm the loan while in bankruptcy to make sure the lender does not foreclose on the property. But Even after you reaffirm, if you stop making payments your house can still be foreclosed. So, what's important is, just keep making payments on time for the remainder of the loan term. Once the loan is paid in full, you will have absolute ownership to the property.
As long as you keep making the payments towards your mortgage, the lender will not start foreclosure proceedings against your property. It is always better to reaffirm the loan while in bankruptcy to make sure the lender does not foreclose on the property. But Even after you reaffirm, if you stop making payments your house can still be foreclosed. So, what's important is, just keep making payments on time for the remainder of the loan term. Once the loan is paid in full, you will have absolute ownership to the property.