Posted on: 02nd Mar, 2010 02:20 am
my name is janeth
i was offered a loan modification on july 2009 from wfb and started my trial payments because i was 3 months behind. in the trial payment i was going to save $300 every month my trial payments was only going to be for 3 months. at the same time in july of 2009 i filed for bankruptcy chapter 7 and i received my discharge in october of 2009. now is march and am still making payments on the modification trial and the loss mitigation dept says they are reviewing my file. the question is for how long?. i receive collection letters that they are going to accelerate the mortgage note in order to start the foreclosure process, and all am getting is letters requesting their money. they also say tha they will only exercise their rights against the property and not on me personally because of my bankruptcy, because the loan was not reaffirmed. my atty. said i should not reaffirm it for various reasons. i spoke to wfb last week in feb. 18 2010 and they stated they had assigned a negotiaor with them and to call back within 2 weeks to get his phone #. i called yesterday and they said they never told me that there was no one at wfb with the name of christian herz as a negotiator and no rep. with id# raw at wfb. this is a big lie. nothing but lies from them. what can i do? i urgently need an answer.
i was offered a loan modification on july 2009 from wfb and started my trial payments because i was 3 months behind. in the trial payment i was going to save $300 every month my trial payments was only going to be for 3 months. at the same time in july of 2009 i filed for bankruptcy chapter 7 and i received my discharge in october of 2009. now is march and am still making payments on the modification trial and the loss mitigation dept says they are reviewing my file. the question is for how long?. i receive collection letters that they are going to accelerate the mortgage note in order to start the foreclosure process, and all am getting is letters requesting their money. they also say tha they will only exercise their rights against the property and not on me personally because of my bankruptcy, because the loan was not reaffirmed. my atty. said i should not reaffirm it for various reasons. i spoke to wfb last week in feb. 18 2010 and they stated they had assigned a negotiaor with them and to call back within 2 weeks to get his phone #. i called yesterday and they said they never told me that there was no one at wfb with the name of christian herz as a negotiator and no rep. with id# raw at wfb. this is a big lie. nothing but lies from them. what can i do? i urgently need an answer.
If you haven't reaffirmed your mortgage, then you are not personally liable for the payments. Thus, there are high chances that the lender will not give you a loan modification as you are not liable for the dues. If you want to save the property and clear off the mortgage dues, then you will have to re-open your bankruptcy and sign the agreement.
I am in the process of divorse. The marital residense is mortgaged only in his name. The deed is in both of our names. He claimed bankruptsy and did not reaffirm the mortgage. The bank and ex want me to sell the residence. Pros & cons? Attorney says I should negotiate with the bank for a buy out.
Hi Theresa,
As your husband's name is not on the mortgage, he does not need to reaffirm it. If you sell the property, you will have to repay the mortgage in full to the lender. Also, if there is any profit from the sale of the property, both of you would be liable for paying the capital gains tax.
Take care.
As your husband's name is not on the mortgage, he does not need to reaffirm it. If you sell the property, you will have to repay the mortgage in full to the lender. Also, if there is any profit from the sale of the property, both of you would be liable for paying the capital gains tax.
Take care.
we have just finished chapter 7 bankruptcy. our home did not get reaffirmed. is this something i need to worry about. we have 1/2 the equity of the home value, if not a little bit more in it. will the bank try to take it from us?
Welcome Helen,
Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about42903.html#179288
Take a look at it. Hope it helps you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about42903.html#179288
Take a look at it. Hope it helps you.
We have just finished chapter 7. It is due to dishcarge in oct. Our mortgage was not included and we have not reaffirmed the loan. The lender wants us to do so now. The house is appraised at 70000 and the principle is 234000 the payment is 1323 the interest is 51/4. we are told if we don't reaffirm the rate and payments will go up to and unaffordable amount. we are over 65 years of age. should we reaffirm ?
Hi lola,
You have mentioned that your mortgage was not included in your bankruptcy filing. In such a situation, there is no need to reaffirm the loan. You can make normal payments toward it. Also, even if you have included the mortgage in your bankruptcy filing, it is not mandatory for you to reaffirm the loan. If you get a discharge from the loan and don't reaffirm it, you won't be personally liable for paying off the mortgage payments.
Thanks
You have mentioned that your mortgage was not included in your bankruptcy filing. In such a situation, there is no need to reaffirm the loan. You can make normal payments toward it. Also, even if you have included the mortgage in your bankruptcy filing, it is not mandatory for you to reaffirm the loan. If you get a discharge from the loan and don't reaffirm it, you won't be personally liable for paying off the mortgage payments.
Thanks