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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
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Experience:  B.A.; M.B.A.; J.D.
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when filing a bankruptcy if the mortgage is not listed as a

Resolved Question:

when filing a bankruptcy if the mortgage is not listed as a creditor is that the same as re- afirming the loan and will the mortgage be affected?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 4 years ago.
Could you clarify?

Are you indicating that you are not going to list your mortgage and then are you asking that if you do not list it, would it be like you are reaffirming the mortgage?
Customer: replied 4 years ago.

Thank you for responding.

I'm in the process of loan modification. I don't want to hurt the process to keep my home.

I don't want to include the mortgage in the filing. I have no equity fo the home is probably 50% under water. By not including it in the filing would it keep the loan out of the process?

Expert:  Phillips Esq. replied 4 years ago.
Thank you for your quick response.

Your question:I'm in the process of loan modification. I don't want to hurt the process to keep my home. I don't want to include the mortgage in the filing. I have no equity fo the home is probably 50% under water. By not including it in the filing would it keep the loan out of the process?

Response: If by "not including it" you meant to say not listing it on your bankruptcy petition, then you cannot do this. You must list all your debts and assets in your bankruptcy filing. See 11 U.S.C. Section 527. However, if by" not including it," you meant to say that you want to keep the house, then you can do this by listing the mortgage under Schedule D on your bankruptcy schedule as secured debt then under Statement of Intention Form, indicate "Other" and state "that you are going to continue to make payments pursuant to the original contract."

Also, once you file for bankruptcy protection, the filing would show on your credit reports and your mortgage lender would know anyway. It is usually better to get the modification done first before filing for bankruptcy protection. Once you file for bankruptcy protection, your modification process would stop because you are now in bankruptcy and the lender would not want to work with you unless you are filing under Chapter 13.

Click here to the see Bankruptcy Forms: Statement of Intention, and Schedule D:

http://www.uscourts.gov/rules/BK_Forms_Pending_2008/B_008_1208.pdf


http://www.uscourts.gov/rules/BK_Forms_1207/B_006D_1207f.pdf

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12953
Experience: B.A.; M.B.A.; J.D.
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