2007-02-08 07:17:49 · 6 answers · asked by CYN 1 in Business & Finance ➔ Renting & Real Estate
Are you in A Chapter 7 or 13 bankruptcy? You are not gonna lose your house if you are current. The bank doesnt want the house, they want your money, and if you are current they have no reason to file a foreclosure on your property.
2007-02-08 07:25:51 · answer #1 · answered by Fun N Sun 4 · 0⤊ 0⤋
We filed bankruptcy in 2002, did not reaffirm our mortgage loan. As long as you never fall behind in your mortgage you can keep your house. The positive thing about not reaffirming is that if a year or 2 or 5 down the road you DO fall behind and lose the house it will not negatively affect your credit at that point. Your credit will show that you "lost" the house in the bankruptcy. Your debt to ratio will actually look better since you will not have a mortgage showing on your credit. You can live in the house, keep paying, sell with no problems at a later date.
2007-02-08 09:49:19 · answer #2 · answered by ebosgramma 5 · 0⤊ 0⤋
Your question is a little difficult to understand. What do you want out of, bankruptcy court? Your debt? As long as you are current and agree to pay for the house, you won't loose it unless you surrender it or allow it to go into default.
2007-02-08 07:21:47 · answer #3 · answered by progunr 5 · 0⤊ 0⤋
If you are filing bankruptcy you should have a lawyer and he can tell you this. You can keep your home if your payments are current. You need to tell your lawyer, you want to do this and keep your home. Tell him you want to "reaffirm" your home and keep it.
2007-02-08 07:22:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you reaffirm your debt to the mortgage holder, no, you won't.
2007-02-08 07:26:56 · answer #5 · answered by professorc 7 · 0⤊ 0⤋
You can lose anything and everything that is in your possession. Sorry to be blunt...but if people don't get paid, they get angry.
2007-02-08 07:21:31 · answer #6 · answered by Anonymous · 0⤊ 1⤋