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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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7.5 years ago I filed Chapter 7 bankruptcy. Of course I listed

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7.5 years ago I filed Chapter 7 bankruptcy. Of course I listed all of my debts including the home I currently reside in. The bankruptcy records show that I listed this home as one of the debts that I planned to reaffirm; however, it does not show an actual reaffirmation on record and communication with/from the lender indicates this debt was included in the dismissal. I have been paying the mortgages faithfully and have reestablished my credit rating. If I discontinue making payments, can the bank pursue collection from me (I realize that foreclosure would occur)? Also, would this affect my current credit rating?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

The fact that you indicated on the Bankruptcy petition that you were going to affirm the mortgage is not sufficient to effectuate an affirmation, which requires a separate form that must be signed by the debtor, and submitted separately from the Bankruptcy petition.

Since the mortgage was discharged in the Bankruptcy, the bank cannot pursue a deficiency judgment for the balance of the mortgage once the house forecloses. Additionally, a foreclosure of this mortgage is not supposed to have any affect on your credit report, as the mortgage will continue to be labeled as "zero balance - discharged in Bankruptcy". The foreclosure is not supposed to show up on your credit report, because you are no longer responsible for the mortgage.

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