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how to reaffirm mortgage after chapter 7 discharge

The Bankruptcy Discharge And Beyond: What To Do After Your. – Reaffirmation applies to Chapter 7 only. You need not reaffirm debts in Chapter 13. Rather, a secured debt (such as a mortgage or car loan) continues after Chapter 13, unless you surrender the property during your Chapter 13.

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After the speakers’ remarks. originated as long as 10 years ago where the customer filed chapter 7 bankruptcy and did not reaffirm their debt. However, they continue to make their mortgage payment.

Many mortgage companies try to convince homeowners that they must reaffirm the mortgage on their homes if they file a Chapter 7 bankruptcy case. chapter 7 bankruptcy cannot remove a mortgage lien because that would mean you would keep your home and have it free and clear of any mortgage. good credit can save thousands on your mortgage.

Chapter 7 debtors with car loans must decide whether to reaffirm the car loan and. Bankruptcy Code said that if you kept payments current on a loan after filing, In a Chapter 7. reaffirm a debt. If, for example, you want to hang onto a vehicle has a loan against it, you can sign a reaffirmation contract with the lender – bankruptcy trustee permitting.

 · After you file bankruptcy, you will have to make a choice to reaffirm your mortgage or not to reaffirm. Some homeowners will elect not to do this because they plan to walk away from their homes and do not want the personal liability hanging over their heads.

After a Chapter 7 Bankruptcy Discharge. In most cases, you’ll need to wait two years from the date of your Chapter 7 bankruptcy discharge before you’ll qualify for this loan. Keep in mind that a discharge date isn’t the same as the filing date. The court sends out the.

– So, after the Chapter 7 discharge, the focus changes from entering into improper reaffirmation agreements to acts in violation of this discharge injunction. The discharge order makes clear that lenders cannot take any action to collect a debt as a personal obligation of the borrower.

Filing for bankruptcy can be an expensive undertaking-lawyers usually charge upwards of $1,000 to file a Chapter 7 case-and student loans are difficult to discharge through bankruptcy. first wave.

less than 20 down no pmi My question is, does an FHA loan require PMI or not?. occurs when the borrower makes a down payment below 20% in a single-mortgage scenario).. who put down less than 10% will have to pay the annual MIP for the life of the loan.

We were forced to file for Chapter 7 bankruptcy. During our bankruptcy, we didn’t reaffirm our first mortgage. We also didn’t reaffirm our home equity line of credit (HELOC). We now want to sell our.