reaffirm mortgage chapter 13

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I was just discharged from ch 13 and don’t know if i should reaffirm mortgage. Mortgage escrow payment for $400 was the only part if the mortgage that was included in my case. monthly payments were made directly by me every month, therefore going forward keeping up with payments isn’t going to be an

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Dear Barb, In some cases, lenders do not work with borrowers to reaffirm mortgage loans during the bankruptcy process. This causes difficulties for homeowners because the lender may also refuse to.

When is it better to reaffirm a secured debt (such as a vehicle loan) in a Chapter 7 case vs. handling it instead in a Chapter 13 case? The last 5 blog posts in December were about keeping the collateral you want by "reaffirming" the debt. "Reaffirmation" applies only to Chapter 7 "straight bankruptcy"cases.

As a Killeen Bankruptcy Attorney and a Waco Bankruptcy Attorney my clients frequently ask me if they should reaffirm the debt owed on their home mortgage when they file a Chapter 7 bankruptcy case. In this scary real estate market, many homes with mortgages are underwater, which means that these homes are worth less than what is owed against them.

In some instances, you can modify a mortgage in chapter 13 bankruptcy so that the new principal equals the actual value of your home. For example, if your mortgage is $500,000 but the property value has declined to $300,000, you could modify the mortgage amount to $300,000.

In a Chapter 13 do you have to sign a "Reaffirmation Agreement" regarding your mortgage? What happens then after a Chapter 13 discharge with my mortgage if I didn’t sign a Reaffirmation Agreement?.

In Woide, the debtors filed a chapter 13 bankruptcy petition. and who did not otherwise reaffirm the mortgage or redeem the property during the course of their bankruptcy case, were still required.

Finally, reaffirmation agreements are not part of chapter 13 bankruptcy, as the debtor in that chapter retains all of his/her assets in exchange for working out a repayment plan with creditors.

The other person who said that, until you call your mortgage company and reaffirm your responsibility, it will say closed, is right. I went through this, when your in chap. 13 protection they aren’t allowed to make any negative reports, your protected, so they just list as closed.

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