Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
There is absolutely no advantage for a debtor to re-affirm any debts. Re-affirmation only benefits the lender, because if a debtor re-affirms any debt - including a mortgage - the debtor remains liable for the debt even after the Bankruptcy, and this can present a major problem if something happens and you cannot continue to pay either mortgage.
Some mortgage companies will allow you to apply for a modification after a Bankruptcy, and some will not. However, there is nothing in the Bankruptcy rules which would prevent a lender from modifying a mortgage after the Bankruptcy.
A dependent for Bankruptcy purposes is not the same as claiming a dependent on one's income tax return. Accordingly, it is okay if you do not claim your daughter on your tax return.
What happen if I do not reaffirm my mortgage and for any reason I get behind on my mortgage payments after the discharge is entered? can the bank foreclose on my property right away?
Or what about if I apply for a loan modification after the discharge is entered, and while in the process of my loan modification, I get behind on my monthly payments? Can the bank foreclose on my property right away based on my bankruptcy status? or will try to modify my mortgage faster?
If you fall behind on your mortgage payments after the Bankruptcy, the bank can start foreclosure proceedings right away - whether or not you re-affirm the mortgage. The difference is if you stop paying the mortgage and you do re-affirm, the bank can get a judgment that can be used to garnish your wages and bank accounts for the next 20 years. If you do not re-affirm, the bank cannot get a judgment, and cannot try to collect the money owed on the mortgage.
After the Bankruptcy, the fact that you filed a Bankruptcy will not make any difference at all regarding a foreclosure, and the Bankruptcy will not result in a faster modification.
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