Posted on: 11th Nov, 2012 11:25 pm
hi there… i have been looking into the harp program. my wife and i filed chapter 7 bankruptcy 2 years ago and it has been discharged. when i contacted the lender, they said i need to reaffirm my loan to be able to move on with the process. i contacted my lawyer from my bankruptcy and was told that i should not reaffirm my loan. my current mortgage is at 6.875%. i would like a lower payment. my question is should i reaffirm my mortgage to get a lower payment or walk away from my house.
Hi Jacky,
If you reaffirm the loan, you will become personally liable for the mortgage payments. If you can afford that, then you can go ahead and reaffirm your loan.
If you reaffirm the loan, you will become personally liable for the mortgage payments. If you can afford that, then you can go ahead and reaffirm your loan.
Hi Jacky!
Welcome to forums!
If you walk away from your house, it will lead to a foreclosure. However, after the property is foreclosed, you won't be liable for paying any deficient amount resulting from the property sale because of the bankruptcy protection. Now it will be your discretion as to which option you will choose.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you walk away from your house, it will lead to a foreclosure. However, after the property is foreclosed, you won't be liable for paying any deficient amount resulting from the property sale because of the bankruptcy protection. Now it will be your discretion as to which option you will choose.
Feel free to ask if you've further queries.
Sussane