Posted on: 10th May, 2009 11:49 am
I filed Chapter 7 November 2008. I filed everything I had including my car and my house. I told my lawyer I wanted to keep my house. I was told that it was best not to reaffirm my mortgage. I have since been discharged of my debt.
The reason why I filed bankruptcy is because of my house. I am a first time home buyer single mother of three. When I purchased my home I was told what my payments would be that included my mortgage, property tax and homeowner's insurance. Based on that I knew I could afford to take care of my family and my bills.
Well two years later meaning 2008 (bought my home in 2006) I started receiving delinquency property tax bills. I didn't understand why because my property taxes were included in my mortgage payment. I contacted my mortgage company and was told that taxes were being paid. I was told to contact the assessor's office at that point. When I did I was told that Yes my property tax was not being paid and that I was to bring my deed to their office and we will go from there. When I looked over my deed I discovered that two PIN numbers were listed. When I went on the assessor's website to pull up both of the PIN numbers I discovered that one was paid in full and the other was delinquent. This is when I found out my house sat on two lots and that I was responsible for two property taxes. I contacted the mortgage company and after about a month it was straightened out and my taxes were paid. This in turn made my escrow in the negative by over $3k. When my mortgage payment was refigured to include the second property tax my mortgage payment went up by $500. I was unable to pay this an my regular bills and this is what forced me to have to file bankruptcy. What I don't understand is why the title company, my attorney at the time or the mortgage company was unaware of this or kept this from me. Had I known when I first was told what my mortgage payment would be to include the two property taxes I never would've bought this house could I would've known I couldn't afford it.
Now based on me not reaffirming my mortgage I can't get my loan modified or refinanced or anything. I'm struggling to make my payments and still support my family based on my high mortgage payments. At this point I don't know should I get an attorney as far as me being misinformed in the beginning as to my property taxes or as my original questioned stated can my house be taken because I didn't reaffirm my mortgage. Whatever assistance or suggestion anyone can offer I would greatly appreciate it. Thanks.
The reason why I filed bankruptcy is because of my house. I am a first time home buyer single mother of three. When I purchased my home I was told what my payments would be that included my mortgage, property tax and homeowner's insurance. Based on that I knew I could afford to take care of my family and my bills.
Well two years later meaning 2008 (bought my home in 2006) I started receiving delinquency property tax bills. I didn't understand why because my property taxes were included in my mortgage payment. I contacted my mortgage company and was told that taxes were being paid. I was told to contact the assessor's office at that point. When I did I was told that Yes my property tax was not being paid and that I was to bring my deed to their office and we will go from there. When I looked over my deed I discovered that two PIN numbers were listed. When I went on the assessor's website to pull up both of the PIN numbers I discovered that one was paid in full and the other was delinquent. This is when I found out my house sat on two lots and that I was responsible for two property taxes. I contacted the mortgage company and after about a month it was straightened out and my taxes were paid. This in turn made my escrow in the negative by over $3k. When my mortgage payment was refigured to include the second property tax my mortgage payment went up by $500. I was unable to pay this an my regular bills and this is what forced me to have to file bankruptcy. What I don't understand is why the title company, my attorney at the time or the mortgage company was unaware of this or kept this from me. Had I known when I first was told what my mortgage payment would be to include the two property taxes I never would've bought this house could I would've known I couldn't afford it.
Now based on me not reaffirming my mortgage I can't get my loan modified or refinanced or anything. I'm struggling to make my payments and still support my family based on my high mortgage payments. At this point I don't know should I get an attorney as far as me being misinformed in the beginning as to my property taxes or as my original questioned stated can my house be taken because I didn't reaffirm my mortgage. Whatever assistance or suggestion anyone can offer I would greatly appreciate it. Thanks.
Hi,
Unless you reaffirm the mortgage balance, you won't be personally liable for the mortgage payments. As you won't be liable for the mortgage payments, the lender will not be ready to modify the home loan.
Unless you reaffirm the mortgage balance, you won't be personally liable for the mortgage payments. As you won't be liable for the mortgage payments, the lender will not be ready to modify the home loan.
Hi. I filed chapter 7 a year ago. Long story short, my mortgage was never reaffirmed, and if I want to still reaffirm I must reopen the case, pay court and lawyer costs to the tune of $500+. I do not wish to reopen my case. I have been making all of my payments on time over this past year, even though it's not reported on my credit, my lender has it on record.
What I'm hoping for is a modification. I understand I am no longer liable for this debt, but I'm quite certain it is in the bank's best interest to keep me, a customer willing to pay and on time, rather than not working with me at all. Perhaps my modification could include language stating that I am again liable for this debt (which I am not opposed to). I know someone in a previous post stated that a lender would foreclose if a borrower could not pay the dues, but in the current housing crisis, who's to say my house (with a terribly cracked foundation) would even sell? Why would a lender push out someone who's already paying just to keep a vacant property, quite possibly worth less than what I owe on it?
I am willing to pay, I would just like my monthly payments lowered.
What I'm hoping for is a modification. I understand I am no longer liable for this debt, but I'm quite certain it is in the bank's best interest to keep me, a customer willing to pay and on time, rather than not working with me at all. Perhaps my modification could include language stating that I am again liable for this debt (which I am not opposed to). I know someone in a previous post stated that a lender would foreclose if a borrower could not pay the dues, but in the current housing crisis, who's to say my house (with a terribly cracked foundation) would even sell? Why would a lender push out someone who's already paying just to keep a vacant property, quite possibly worth less than what I owe on it?
I am willing to pay, I would just like my monthly payments lowered.
Welcome Guest,
If you haven't reaffirmed the debts, then you can surrender the property to the lender who can foreclose it to recover as much dues as possible. If you want to keep the property, then you need to pay the mortgage dues on time. In such a situation, it will be better to reaffirm the loan. However, you will have to contact your bankruptcy attorney in order to find out whether or not you can reopen the bankruptcy filing and reaffirm the debt.
If you haven't reaffirmed the debts, then you can surrender the property to the lender who can foreclose it to recover as much dues as possible. If you want to keep the property, then you need to pay the mortgage dues on time. In such a situation, it will be better to reaffirm the loan. However, you will have to contact your bankruptcy attorney in order to find out whether or not you can reopen the bankruptcy filing and reaffirm the debt.
You have a chance if you will seek for an assistance of a mortgage broker. You'll get done with it in no time just consult every details about it.
My mom filed chapt 13 a while back and has one year left to pay if off. SHe didn't include her home then since she was not having issues paying. Unfortunately, she lost her job two years ago. She is currently eight months behind but will be able by January to only be 4 months behind. She spent a year trying for modification and was just denied and told she had til Dec 19th when the house would be sold at foreclosure. She just began to have income again, has an audit in progress and would like to try again for a modification. Is this even possible? She also had an atty tell her that she should put the home in chapt 7, but isn't that just delaying the inevitable as well as costing her her vehicle??? Please help!!
welcome tltate,
your mother can once again apply for a loan modification and check out if she will be able to get it. in case she does not get it, then she may try out for a deed in lieu of foreclosure in order to get rid of the property.
your mother can once again apply for a loan modification and check out if she will be able to get it. in case she does not get it, then she may try out for a deed in lieu of foreclosure in order to get rid of the property.
i file bankruptcy my affirmantion was not approved .and i am trying to modify my loan every time i come to a dead end.
Hi lillie!
Welcome to forums!
As your mortgage is not reaffirmed in your bankruptcy filing, you're not personally liable for the mortgage payments. In such a situation, the lender won't be ready to modify your loan. You will have to either pay off the loan as per the payment plan or surrender the property to the lender and let him foreclose it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your mortgage is not reaffirmed in your bankruptcy filing, you're not personally liable for the mortgage payments. In such a situation, the lender won't be ready to modify your loan. You will have to either pay off the loan as per the payment plan or surrender the property to the lender and let him foreclose it.
Feel free to ask if you've further queries.
Sussane
my mortgage was discharged over 2 years ago in a chapter 7 bankruptcy. my wife was not included in the bankruptcy filing.
all payments have been made and the loan has always been current. my bank says i have to re-affirm the mortgage but my lawyer says no way, and can not be done. any suggestion on who else to contact on a reinance?
all payments have been made and the loan has always been current. my bank says i have to re-affirm the mortgage but my lawyer says no way, and can not be done. any suggestion on who else to contact on a reinance?
Hi gary!
Welcome to forums!
Unless you reaffirm the loan, you are not personally liable for the loan. Due to this reason, the lender won't help you in refinancing the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you reaffirm the loan, you are not personally liable for the loan. Due to this reason, the lender won't help you in refinancing the loan.
Feel free to ask if you've further queries.
Sussane
have a 3 month forbearance. will filing a chapter7 after the agreement is completed stop the modification process?
Hi hrlybh!
Welcome to the forums!
A similar query has been replied to in the given page: http://www.mortgagefit.com/inprocess/about56265.html . Please take a look at it. I hope it will help you.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
A similar query has been replied to in the given page: http://www.mortgagefit.com/inprocess/about56265.html . Please take a look at it. I hope it will help you.
Feel free to ask if you've further queries.
Sussane
I am in a similar predicament. Lawyers tell you it is completely possible to refinance without a reaffirmation, but lenders tell you it is not. I wish I had an answer, but we are basically screwed into keeping our home by paying a loan that we cannot modify it in any way, and does not help our credit score at all. The only thing I have found online is someone suggested finding a loan broker who might be able to find something for us easier than we can. Don't know if that will work yet, as we still haven't found a broker yet.
Hi Lyndemac,
It is true that without reaffirmation of the mortgage in bankruptcy Chapter 7, it may not be possible for you to refinance the mortgage. This is because without reaffirmation you will not remain personally liable for the mortgage payments.
It is true that without reaffirmation of the mortgage in bankruptcy Chapter 7, it may not be possible for you to refinance the mortgage. This is because without reaffirmation you will not remain personally liable for the mortgage payments.
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