Posted on: 07th Sep, 2010 04:31 pm
I just filed for Chapter 7 and according to my Lawyer, I will keep my co-op apartment and my car; however, today I called Chase and I was told that Freddie Mae does not reaffirm the debt.
Can somebody please explain me what this means or my options at this point?
Many thanks,
Ricardo
Can somebody please explain me what this means or my options at this point?
Many thanks,
Ricardo
Hi Ricky,
If you want to save your property and car after filing Chapter 7, then you will have to sign a debt reaffirmation agreement with the bank. This will make you personally liable for the mortgage payments. If you keep making the payments, then the lender will not be able to foreclose the property.
Thanks
If you want to save your property and car after filing Chapter 7, then you will have to sign a debt reaffirmation agreement with the bank. This will make you personally liable for the mortgage payments. If you keep making the payments, then the lender will not be able to foreclose the property.
Thanks
Hi jacksb!
Welcome to forums!
If you haven't reaffirmed your debts, then you're not personally liable for paying the debts to the lender. The debts will get discharged in your bankruptcy filing.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you haven't reaffirmed your debts, then you're not personally liable for paying the debts to the lender. The debts will get discharged in your bankruptcy filing.
Feel free to ask if you've further queries.
Sussane