Although some banks will refinance your mortgage after you file bankruptcy, What If I File a Chapter 7, Reaffirm My Mortgage and Discharge My Unsecured Debt?. programs without filing bankruptcy to get rid of their non-mortgage debt.
Fannie Mae HomeReady Mortgage Guidelines And Requirements – The mortgage cannot be reaffirmed after the chapter 7 bankruptcy; FHA requires a three year waiting period after the finalization of housing event (foreclosure, deed in lieu, short sale). NON-QM Loans With Recent Credit Event On Purchase And. Mar 17, 2019.
Refinancing your mortgage can help your household in a myriad. The VA will allow the refinance of a non-owner occupied.
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But as the mortgage market begins to unfreeze (slightly) these days, we are again hearing an old lie from mortgage servicers and mortgage salesmen (er, "mortgage bankers"): You have to reaffirm your mortgage or you can’t refinance it. This is completely untrue. Reaffirming a debt makes you personally liable for the debt.
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Hello, I wrote an article on this based on my research. I am no lawyer or BK expert, but this should be accurate: When you do not reaffirm your home loan obligation after bankruptcy, this means that you are not personally liable on the promissory note associated with your mortgage.
No Legal Requirement to Reaffirm a Mortgage to Refinance. No legal requirement exists that requires a debtor to reaffirm a mortgage to refinance that mortgage. What the bank is really saying is that "it" won’t refinance your mortgage. Your mortgage bank is lying to you. You can refinance your mortgage even if you did not reaffirm it.
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Reaffirming your mortgage may not be possible in all states and under all circumstances. It requires the consent of both your lender and the court.. Your lender’s consent usually hinges on whether you’re current with your payments, but some lenders just don’t want to be bothered with the fuss of creating and signing a reaffirmation agreement.
What lenders/mortgage brokers will refinance without reaffirming mortgage. I live in AZ and Chapter 7 bankruptcy was discharged on 10/14//10, without reaffirming mortgage. BK attorney said mortgage can’t be reaffirmed.
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