How Do I Reaffirm My Mortgage After Bankruptcy

Most types of debts are wiped out in Chapter 7 bankruptcy. If you want to keep a particular debt, however, you can reaffirm it. Essentially you sign an agreement with the lender that waives the discharge of the debt. (Learn more about how reaffirmation works in bankruptcy.)

Your bankruptcy discharge extinguishes the promissory note you signed at the time you took out your mortgage. You no longer owe it unless you reaffirm the loan, and you can’t keep the home unless you keep paying on the note even though you’re no longer legally obligated to do so.

Refinancing the mortgage after the bankruptcy discharge may require seasoning and improved credit scores since refinances involve applying for a new loan. Additionally, your reaffirmation of the.

Chapter 7 bankruptcy: You must wait two years after the discharge of your bankruptcy to qualify for a government-backed residential mortgage. For a conventional home loan – or one that is not backed by the federal government but conforms to loan limits set by Fannie Mae and Freddie Mac – the waiting period is four years.

What Happens When You Fail to Sign a Reaffirmation With Your Mortgage Company After a Bankruptcy? Written by Kimberlee Leonard; Updated June 27, 2017 You can eliminate your mortgage debt in.

I filed a Chapter 7 bankruptcy that was discharged in 2009. I was paying my second mortgage loan to the bank for four years without a reaffirmation agreement. mean the collection agency cannot.

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Therefore, reaffirming debt on a home is a serious legal question. For example, if you file a Chapter 7 bankruptcy case, your home is worth $200,000.00 and you owe $240,000.00 on it. You can file a Chapter 7 bankruptcy case, move to another home and get discharged from the debt owed to your mortgage company.

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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.

Can You Reaffirm A Mortgage After Bankruptcy? – Rather than voluntarily making payments on the mortgage after you file your chapter 7 bankruptcy case, you or your lender may look at a process called reaffirmation. Reaffirmation is a legal term, but it loosely means a new promise to repay a debt after bankruptcy that otherwise would be wiped out.