Posted on: 25th Feb, 2009 11:19 pm
I filed chapter 7 last year and my debt was discharged. My mortgage was suppose to be reaffirmed but the lender never did it. It states on all my credit reports that the mortgage was discharged in chapter 7.
The lender is still sending me statements but it says on the statement that it is not an attempt to collect the debt.
The question is do I still have to legally pay the mortgage and if I stop paying can the lender attempt to collect the debt by foreclosing on my house?
The lender is still sending me statements but it says on the statement that it is not an attempt to collect the debt.
The question is do I still have to legally pay the mortgage and if I stop paying can the lender attempt to collect the debt by foreclosing on my house?
Hi liles
As your Chapter 7 bankruptcy has been discharged and as you have not reaffirmed your debts, you are not personally liable for paying the mortgage dues. If you had reaffirmed the mortgage, then you would have been liable to pay the dues. Moreover, the lender would have also reported your payments to the credit bureau which would have improved your credit.
As you haven't reaffirmed the mortgage, you will not have to pay the dues.
Thanks.
As your Chapter 7 bankruptcy has been discharged and as you have not reaffirmed your debts, you are not personally liable for paying the mortgage dues. If you had reaffirmed the mortgage, then you would have been liable to pay the dues. Moreover, the lender would have also reported your payments to the credit bureau which would have improved your credit.
As you haven't reaffirmed the mortgage, you will not have to pay the dues.
Thanks.
this is to gmakerley i am sure the gentleman above did not file bankruptcy so he wouldn't have to pay mortgage. times are hard and everyone has struggles of their own, you shouldn't be so judgemental and critical. just because you have not been in this situation doesn't mean you can look down on those that have. i filed bankruptcy because my wifes cancer treatments cost so much i couldn't survive and care for my children. i am not just trying to get out of a mortgage!!
Sorry to disagree, but I certainly didn't display a judgemental attitude. In fact, I see bankruptcy as a legitimate action for virtually everyone.
The poster is absolutely correct in suggesting that his mortgage was discharged in the bankruptcy. Here is the sticking point, though:
despite the discharge, the lender still wants to get paid. In order to maintain his residence, he'll have to find a way to pay the debt. The court will order a sale of the home, or award it directly to the lender, unless there is payment made to the lender.
I didn't say that the poster was simply trying to "get out of a mortgage." I did note that if it was as easy as it seemed, that others might use bankruptcy as a ploy to eliminate their obligation. That's a different thing, I think. I respect your need to file; in no way was I trying to belittle those who need to enter bankrutpcy because there's no other way out.
The poster is absolutely correct in suggesting that his mortgage was discharged in the bankruptcy. Here is the sticking point, though:
despite the discharge, the lender still wants to get paid. In order to maintain his residence, he'll have to find a way to pay the debt. The court will order a sale of the home, or award it directly to the lender, unless there is payment made to the lender.
I didn't say that the poster was simply trying to "get out of a mortgage." I did note that if it was as easy as it seemed, that others might use bankruptcy as a ploy to eliminate their obligation. That's a different thing, I think. I respect your need to file; in no way was I trying to belittle those who need to enter bankrutpcy because there's no other way out.
My mortgage was discharged,the company would not reaffirm-I still live in the home and pay the mortgage-what would happen if I stopped paying the mortgage-or is there any way that I can possibly skip payments now and then and still keep my home
Hi gladys!
Welcome to forums!
As the mortgage has not been reaffirmed, you're not liable for the mortgage payments personally. If you stop making the payments and walkaway from the property, you won't be liable for the deficient balance but the lender will foreclose the property in order to recover his dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the mortgage has not been reaffirmed, you're not liable for the mortgage payments personally. If you stop making the payments and walkaway from the property, you won't be liable for the deficient balance but the lender will foreclose the property in order to recover his dues.
Feel free to ask if you've further queries.
Sussane