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Chapter 7 Mortgage Affirmation Agreements

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Anonymous
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Chapter 7 Mortgage Affirmation Agreements

Hello - We filed BK 7 5 years ago and did not reaffirm out mortgage. I have been paying our mortgage and reside in the home that was not included in our BK.  I wanted to be able to pay off my home, obtain the title. Is there going to be an issue with that because we did not reaffirm the mortgage?

Thank you

2 REPLIES 2
saronian
Established Member

Re: Chapter 7 Mortgage Affirmation Agreements

I'm nopt expert but was in the same position as you. BK in 2011 without reaffirming. Just refinanced without any issue. Beacuse the ongoing payments were not shared with credit reporting agencies I had a conference call with bank holding mortgage (BofA), and secondary credit agency (cbc innovis) to confirm all payments were made on time and up to date.

 

Once paid the mortgage holder should release the lien and file a Property Reconveyance document with the County.


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Current Score: FICO Score 8 - EQ823 TU810 EX827
Message 2 of 3
DaveInAZ
Senior Contributor

Re: Chapter 7 Mortgage Affirmation Agreements

No, there won't be an issue. Actually, the lender will probably be very happy to receive your payoff. Even though the debt was discharged in your BK7, the bank continues to amortize the loan, applying your payments to interest and lowering the principle, your monthly statements should show that.

 

I filed BK7 in 2010 and followed my attorny's advice not to reaffirm but have made all my payments on time, and my monthly statements show the lowered principal balance.

Message 3 of 3
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