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Interesting claim on my asset case

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    Interesting claim on my asset case

    Good morning! I was checking the claims on my C-7, and found an "interesting" claim. My divorce requires me to reaffirm my two rental houses, and one of them is significantly upside down (but it cash flows very well.) I have signed the reaffirmation and it's been filed. But last week, the mortgage servicer (Bank of America) filed a claim. They did not file a claim for the other two houses (both of which have equity), just this one.

    I suspect this was an "automatic" thing since the house is upside down. But I do have a question: given that I have reaffirmed the mortgage, will the trustee actually pay anything to this mortgage claim?

    #2
    There are no "payments" to creditors in a Chapter 7 unless you are in an "asset" Chapter 7 case. Even then and with your reaffirmation there would still be no payment even in an asset case (unless it was foreclosed and they are claiming a deficiency...).

    Just chalk it up to "interesting" -- unless you're in an asset case. Then it becomes more interesting.
    Last edited by justbroke; 04-04-2017, 08:14 AM.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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      #3
      Yes, I am in an asset case.

      Comment

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