Can a debt be reaffirmed after discharge?

If you decide to reaffirm a debt, you must do so before the discharge is entered. You must sign a written reaffirmation agreement and file it with the court. The Bankruptcy Code requires that reaffirmation agreements contain an extensive set of disclosures.

Do you have to reaffirm your mortgage in bankruptcy?

In bankruptcy, there is a choice 1) to sign a “reaffirmation agreement” where you would agree to be responsible for a debt despite having filed bankruptcy or 2) do not reaffirm the mortgage debt but continue to make your monthly mortgage payments; and, if not, escrowed pay your real estate taxes and maintain required insurance on the property.

Can a mortgage company send you a reaffirmation agreement?

Mortgage companies generally do not send reaffirmation agreements to our office. If you wish to reaffirm your mortgage, you will have to contact them and request a reaffirmation agreement. When you agree to reaffirm your mortgage debt we have to certify that the reaffirmation does not create an undue hardship for you.

Is it illegal to not report payments on UN-reaffirmed mortgage?

The mortgage lender is not breaking any laws by not reporting payments on an un-reaffirmed mortgage. However, they would be in the wrong to dispute your requesting the bureau update based on your accurate self-reporting of payments.

What happens to my mortgage if I file bankruptcy?

That means that if the debtor stops paying the mortgage, the most the mortgagee can do is foreclose on the home and take it back. If there is a bankruptcy discharge, then the mortgagee can never pursue the mortgagor for any money, even if there is a large deficiency.

In bankruptcy, there is a choice 1) to sign a “reaffirmation agreement” where you would agree to be responsible for a debt despite having filed bankruptcy or 2) do not reaffirm the mortgage debt but continue to make your monthly mortgage payments; and, if not, escrowed pay your real estate taxes and maintain required insurance on the property.

Mortgage companies generally do not send reaffirmation agreements to our office. If you wish to reaffirm your mortgage, you will have to contact them and request a reaffirmation agreement. When you agree to reaffirm your mortgage debt we have to certify that the reaffirmation does not create an undue hardship for you.

The mortgage lender is not breaking any laws by not reporting payments on an un-reaffirmed mortgage. However, they would be in the wrong to dispute your requesting the bureau update based on your accurate self-reporting of payments.

What happens to the promissory note when you file 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.

How soon after Chapter 7 can I refinance?

Chapter 7: You must wait at least 2 years after the discharge or dismissal date before you can refinance your loan. The 2-year standard only applies to government-backed loans like FHA loans and VA loans. Most lenders require that you wait 4 years after your discharge date for a conventional loan.

What happens at a reaffirmation hearing in bankruptcy?

If you want your reaffirmation agreement to be approved, you must appear at your reaffirmation hearing. In general, reaffirmation hearings tend to be less formal than other bankruptcy court hearings. The hearing gives the judge an opportunity to discuss the particulars of the agreement and let you know whether he…

Who is the judge for Chapter 7 reaffirmation?

Judge Carlota Bohm is the judge assigned to the vast majority of Chapter 7 cases. She took the bench as a new judge about a year ago. Before she took the bench, judges rarely scheduled hearings when you wanted to sign a reaffirmation agreement.

Why did the judge deny my reaffirmation agreement?

The following are some of the most common reasons the judge may deny your reaffirmation agreement: Your monthly budget shows that you can’t afford to make the required payments. The amount of the reaffirmed debt exceeds the value of the property you want to keep. The agreement has a really high interest rate.

Who is the bankruptcy judge in Pittsburgh PA?

There’s a new scene up in the Bankruptcy Court in Pittsburgh recently. Judge Carlota Bohm is the judge assigned to the vast majority of Chapter 7 cases. She took the bench as a new judge about a year ago. Before she took the bench, judges rarely scheduled hearings when you wanted to sign a reaffirmation agreement.

When to cancel a reaffirmation agreement in bankruptcy?

You can cancel a reaffirm agreement by the later of: 1) Issuance of discharge, or 2) 60 days from the date the Reaffirmation Agreement is filed with the bankruptcy court. Real property is not normally subject to reaffirmation. If you are current on your primary home mortgage, a reaffirm does not do much for you in most situations.

When do you reaffirm a debt in Chapter 7 bankruptcy?

When you reaffirm a debt in Chapter 7 bankruptcy, you enter into a contract with your lender (called a reaffirmation agreement) that makes you personally liable for the obligation despite your bankruptcy discharge.

The following are some of the most common reasons the judge may deny your reaffirmation agreement: Your monthly budget shows that you can’t afford to make the required payments. The amount of the reaffirmed debt exceeds the value of the property you want to keep. The agreement has a really high interest rate.

Judge Carlota Bohm is the judge assigned to the vast majority of Chapter 7 cases. She took the bench as a new judge about a year ago. Before she took the bench, judges rarely scheduled hearings when you wanted to sign a reaffirmation agreement.