QUESTION
Is the house mine to sell or refinance since it is not on my credit report? If I reaffirm the debt, will all past payment history report on my credit?
Asked on Aug 05th, 2013 on Bankruptcy - Michigan
More details to this question:
I had a chapter 7 bankruptcy discharged in 2011. I included my home in the bankruptcy. I modified after the bankruptcy with my mortgage lender. All payments have been paid on time since 2011. The mortgage is not appearing on my credit because I never reaffirmed the debt. Is the house mine to sell or refinance since it is not on my credit report? If I reaffirm the debt, will all past payment history report on my credit? Including the rolling 90 day late I had before my loan mod? How will this impact my credit if I reaffirm the debt? Is it beneficial to reaffirm?
5 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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The debt had to be reaffirmed before the discharge You own the house, subject to the mortgage.
Answered on Aug 23rd, 2013 at 9:06 AM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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Judges in the Central District currently do not let people reaffirm their mortgages.
Answered on Aug 06th, 2013 at 11:45 AM
The house is yours because the title is in your name. The mortgage company has a lien on the property which reduces your title rights. As long as your bankruptcy is closed, you may sell the house and keep any profit after the mortgage lien is paid off. Your credit report has nothing to do with your legal rights or responsibilities & it is not a legal document. You would have needed to reaffirm the debt before the bankruptcy discharge came through so it is now way too late to talk about reaffirmation.
Answered on Aug 06th, 2013 at 10:30 AM
Deborah F. Bowinski
It is too late to reaffirm the loan. The house is yours (and the Lender's). You can sell it if you can get enough to pay of the loan or, if you can get your lender to agree to a short sale.
Answered on Aug 06th, 2013 at 9:43 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You need to have an attorney review the matter to determine who has title.
Answered on Aug 06th, 2013 at 9:08 AM