Posted on: 15th Apr, 2010 10:28 am
Hi.
In 09 we filed bankrupcty. At the time we owned two homes, one of which we were unable to sell or rent. This house, the old house, was part of the bankrupcty while the new house was not. A year later, I still see on our credit report that the mortgage for the new house is part of the bankrupcty. I also see on my bills from the mortgage company that the bill is for informational purposes only.
The lawyer and the mortgage company knew it was our intent to keep the new house. We are current on the payments.
Our lawyer never mentioned anything about having to reaffirm the mortgage. We'd like to get our credit back on track but don't see how we can if the mortgage company doesn't list us as on time payers.
Should we reaffirm? Should I talk to the mortgage company or the lawyer?
Thanks.
In 09 we filed bankrupcty. At the time we owned two homes, one of which we were unable to sell or rent. This house, the old house, was part of the bankrupcty while the new house was not. A year later, I still see on our credit report that the mortgage for the new house is part of the bankrupcty. I also see on my bills from the mortgage company that the bill is for informational purposes only.
The lawyer and the mortgage company knew it was our intent to keep the new house. We are current on the payments.
Our lawyer never mentioned anything about having to reaffirm the mortgage. We'd like to get our credit back on track but don't see how we can if the mortgage company doesn't list us as on time payers.
Should we reaffirm? Should I talk to the mortgage company or the lawyer?
Thanks.
Hi lfoose,
If the borrower wants to continue paying the mortgage to keep the house, he needs to reaffirm the mortgage while in bankruptcy. When he reaffirms the mortgage, he promises to keep making the mortgage payments despite the bankruptcy. Since you did not reaffirm the mortgage, it still shows as part of the bankruptcy.
If you want to do the reaffirmation now, you will have to reopen the bankruptcy file. Depending on your particular situation, the bankruptcy judge might not allow you to reopen the bankruptcy case. I think you should first talk to the mortgage lender and tell them about your intention to reaffirm the mortgage and keep making the payments as usual. They should be able to tell you what you could do in this situation.
If the borrower wants to continue paying the mortgage to keep the house, he needs to reaffirm the mortgage while in bankruptcy. When he reaffirms the mortgage, he promises to keep making the mortgage payments despite the bankruptcy. Since you did not reaffirm the mortgage, it still shows as part of the bankruptcy.
If you want to do the reaffirmation now, you will have to reopen the bankruptcy file. Depending on your particular situation, the bankruptcy judge might not allow you to reopen the bankruptcy case. I think you should first talk to the mortgage lender and tell them about your intention to reaffirm the mortgage and keep making the payments as usual. They should be able to tell you what you could do in this situation.