Posted on: 16th Jan, 2010 10:07 am
Hello. I filed Chapter 7 and all was discharged in November 2001. I did a reaffirmation on my home, and have been current with all payments. However, I am losing my job due to cutbacks and my child support (all means of income)am and looking at filing again. Will the reaffirmation of my mortgage from 2001 be a problem when I file Chapter 7 again in 2010? I've got negative equity of approximately 45K in my manufactured home.
>>Will the reaffirmation of my mortgage from 2001 be a problem when I file Chapter 7 again in 2010?
No. Your previous bankruptcy won't be connected in any with with a new bankruptcy.
No. Your previous bankruptcy won't be connected in any with with a new bankruptcy.
Hi Hasren,
The reaffirmation during the past bankruptcy will not affect your new bankruptcy. In fact, it is a good thing that you reaffirmed the mortgage. It shows your intention to pay off the mortgage. But you should try and stay current on the loan. If you fall behind on mortgage payments, your lender can foreclose on the property. But as long as you stay current on the payments, your home would be safe.
The reaffirmation during the past bankruptcy will not affect your new bankruptcy. In fact, it is a good thing that you reaffirmed the mortgage. It shows your intention to pay off the mortgage. But you should try and stay current on the loan. If you fall behind on mortgage payments, your lender can foreclose on the property. But as long as you stay current on the payments, your home would be safe.
