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OneWest - Denied Loan Modification "Didn't Reaffirm" Chap. 7 ??

Discussion in 'Loan Modification' started by gretzky99, Feb 24, 2010.

  1. gretzky99

    gretzky99 LoanSafe Member

    We had a BK, Chapter 7, discharged 2/08. We have not missed a payment since but the Mortgage Payment is still well above 31% of our income. Probably closer to 60%. We were told we didn't qualify because we never "Re-Affirmed" the mortgages (1st and 2nd) with them? Is this true?? And, if so, how can you get them re-affirmed?
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    You should really speak with an attorney on this. I think it may be possible for them to try and take your home if you get behind in payments - Most attorneys will most likely recommended not reaffirming. You will probably have to go back to court and reaffirm your mortgage.

    Secured debts in bankruptcy

  3. gretzky99

    gretzky99 LoanSafe Member

    Wow! Thanks for the quick response. So, that being said, if it's not a good idea to "re-affirm", is there anything in the works that may require investors to allow a mod without an "re-affirmation"? And, would they be able to take our home if we had a 30-day late without "re-affirming"?
  4. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    You're welcome.

    I'd speak to a lawyer on this. This is different when you are trying to negotiate a mortgage when your mortgage has not been reaffirmed. Most BK attorneys will say that it is not a good idea, but then again, most are not familiar with the foreclosure process either.

    In you reaffirm under the Chp 7 , you are to follow the terms and conditions of a contract that otherwise would have been eliminated in the bankruptcy proceeding. Some people choose to reaffirm their home and autos, so they keep making the and can keep the property.

    Lenders do not require that you have to reaffirm home loans. In states like California, if you walk away without reaffirming, then you are not liable for any deficiency.

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