Can I refinance my mortgage if I did not reaffirm?

Can I refinance my home if I did not reaffirm?

Not reaffirming doesn’t prevent someone from refinancing, but it may prevent you from refinancing with your current lender. All mortgage companies are more picky than they used to be about qualifying someone for a mortgage loan. Check with your local credit union for more information on the requirements to refinance.

What happens if mortgage is not reaffirmed?

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.

Can I sell my house if I did not reaffirm?

Since you didn’t sign a reaffirmation agreement on your mortgage, you’re not liable on the debt but the lender still has a lien on the house. … If the mortgage for more than the house is worth, then you can’t sell it unless you get the bank to agree to a short sale.

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Did not reaffirm mortgage can I walk away?

If you did not reaffirm the debt secured by your house, you can walk away (and the bank cannot call a default and try to evict you as long as you are current on your house).

Can you refinance a reaffirmed mortgage?

No Legal Requirement to Reaffirm a Mortgage to Refinance

Your mortgage bank is lying to you. 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.

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.

Does a loan modification reaffirm debt?

The Loan Modification Agreement may create a reaffirmation of the debt that had been extinguished by the Bankruptcy making the borrower once again personally liable for the debt; and, 3.

How long do you have to reaffirm a mortgage?

Be sure to evaluate all of your options carefully and understand the consequences fully before deciding to reaffirm any debt. However, you must decide quickly because reaffirmation agreements must be filed with the court no later than 60 days after your 341(a) meeting of creditors.

Is a reaffirmation agreement necessary?

Reaffirmation agreements are strictly voluntary. A debtor is not required to reaffirm any of his or her debts. If a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case.

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Why isn’t my mortgage on my credit report after bankruptcies?

When you receive a discharge in bankruptcy it also discharges your personal liability for the mortgages on the home. … Mortgage companies will not report your mortgage payments because they are concerned that it violates the automatic stay or discharge injunction.

Do I still own my home after Chapter 7?

Chapter 7 Won’t Help You Keep a Home If You’re Behind on the Mortgage. If you are in arrears or facing foreclosure, Chapter 7 doesn’t provide a way for you to catch up. So, unless you can negotiate something with your lender independently from the bankruptcy, you will most likely lose your home.

Do I have to reaffirm my mortgage in 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.