Can I refinance if I did not reaffirm my mortgage?

No Legal Requirement to Reaffirm a Mortgage to Refinance You can refinance your mortgage even if you did not reaffirm it. The solution is easy. Work through an experienced mortgage broker who can submit your refinance package to multiple lenders. The broker can find a lender willing to refinance your mortgage loan.

Can a mortgage be reaffirmed after discharge?

You cannot reaffirm any debt after your bankruptcy has been discharged. Bankruptcy law requires any reaffirmation to occur before the discharge is entered. In addition, the only reason to reaffirm is to persuade the mortgage company to report your ongoing payments to the credit bureaus.

Can you file a reaffirmation agreement after discharge?

Can you file a reaffirmation agreement after discharge? Once a discharge order has been entered in your bankruptcy case, you can no longer reaffirm any of the debts that were included in the discharge agreement. The same goes for if your case has been closed by the court.

Do you have to reaffirm your mortgage in a Chapter 7?

The reaffirmation of mortgage debts is possible in Chapter 7 bankruptcy but it’s not necessary. Learn what a reaffirmation agreement is how it affects your home mortgage.

What happens if I did not reaffirm my mortgage?

If you do not reaffirm the mortgage, your personal liability for paying the debt represented by the promissory note is discharged in your bankruptcy case. The company can foreclose the mortgage and force a foreclosure sale if you stop making payments.

What does it mean to not reaffirm mortgage?

A reaffirmation agreement is an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in bankruptcy. When a debtor does not reaffirm a mortgage loan, the lender will stop reporting the loan on the debtor’s credit report.

Can I sell my home if I didn’t reaffirm?

Not reaffirming your loan should not impact your ability to sell your house.

Can you reaffirm unsecured debt Chapter 7?

In a Chapter 7 bankruptcy, it is sometimes a bad idea to reaffirm certain types of debts. Reaffirm means you re-obligate yourself on the debt. Or in other words, you legally agree to treat the debt as if you have never filed Chapter 7 bankruptcy against it. An unsecured debt has no collateral that backs up the debt.

Can you reaffirm a debt in Chapter 7?

In Chapter 7 bankruptcy, you can keep property secured by collateral (such as your car) by reaffirming the debt. Sometimes, however, you’d like to keep a loan in place—especially if you want to retain the property securing the debt, such as a car.

Can you sell your house if you did not reaffirm?

Can I get a loan modification after Chapter 7?

Find out about applying for a modification of your mortgage while in Chapter 7 bankruptcy. However, if, after you file for Chapter 7 bankruptcy, your lender agrees to a loan modification (often called a workout), there’s nothing in the law stopping you from modifying the loan.

How do I get my mortgage reaffirmed?

Reaffirming a mortgage debt requires a comprehensive multi-page reaffirmation agreement that must be filed with the court. The reaffirmation agreement also requires the debtor’s bankruptcy attorney to indicate that he or she has read the agreement and that it does not impose any undue hardship on the client.