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selling a non-reaffirmed house (or refinancing)......drama?

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  • selling a non-reaffirmed house (or refinancing)......drama?

    I filed chapter 7 today, and decided not to reaffirm my mortgage. I am current, and don't anticipate ever being late. The processor at the attorneys office hinted that there may be some difficulty when trying to sell the house or refinance.

    I guess my question is, for those who DID NOT reaffirm but remained in their homes.....and went to sell (or refinance) later...

    was there any problem with transfer of property........clear title.......confusion over "if" you owned it or not since not on "credit", etc . etc. etc. How was your experience with that?

    It seems like most BR folk are upside down on mortgages also, so to be current with mortgage during BR might not come up super often? It seems to be regarded as a bit of a grey area.

    Would love some clarity as to selling your property or refinancing. How is this interpreted by creditors, lenders, deed/title processors, etc.
    Last edited by catlfuzzy; 11-01-2012, 11:14 PM.

  • #2
    Depends, are you upside down. Is the home worth less than you owe?

    The issue with refi'ing is simply qualifying. A refi is a new loan, so you have to qualify credit-wise, so your BK is an obstacle on that front. If you are upside down in value, then loan to value on the refi will be an issue. If your house is worth 180,000, but you owe $220,000, no one is going to touch a refi.

    As for selling, if you can sell it for enough to cover ALL mortgages, no issue. But again, if you are upside down in value, that is a short sale and that can be a problem.

    Keep in mind, just because you filed BK, did not reaffirm, and received your discharge, you did not eliminate the security interest against your house. So, for example, if your home is worth $175,000, but you owe $180,000 on the 1st mortgage, and $30,000 on the second, you still need to satisfy those amounts in a sale. If you can't, then you need to get both lenders to agree to a short sale.
    Last edited by HHM; 11-01-2012, 11:54 PM.

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    • #3
      If I'm upside down it's barely. I understand the logistics of the BK/security interest and what the non-reaffirming means, i was just curious how things went when trying to refinance or sale....as far as clear title goes. Is it as simple as if you hadn't BR at all....as far as clean and clear title goes??? Obviously the deed will not have changed.....but the mortgage will show included in bankruptcy. Just seems a bit fuzzy as to that component?

      Thank you!!!

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      • #4
        There are no inherent title issues created because you filed BK. That is not the problem.

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        • #5
          Raffirming has nothing to do with being able to sell. The only thing the mortgage company wants is $$$$$$$$$$$$$$$ and to be paid in FULL at closing!

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          • #6
            I understand what you're doing is commonly called a "stay and pay". Your debt is discharged but as long as the mortgage stays current you keep the ownership of the home subject to the mortgage liens. In fact you can't reaffirm a delinquent mortgage in BK7, some people must go BK13 to pay the mortgage arrearage from their plan.

            If the mortgages are kept current and never late you should be fine selling or refinancing (when your credit permits, probably not before two years after BK discharge). The situations I think could be a problem are where the home is underwater with multiple mortgage liens and only the first is kept paid. Years later the house is not underwater but the second lienholder may have accrued outrageous fees. The second lien would need to be paid the clear the title, basically at whatever the lienholder demands.
            Chapter 7 Filed 8/11/2009, Discharged 11/23/2009

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            • #7
              Charlie
              This poster is opening up old threads to advertise, spaming, banned , what happen he got back in .
              chpt 7 ,5-2009

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