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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I ask for reaffirmation for my home and Wells Fargo did not

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I ask for reaffirmation for my home and Wells Fargo did not reaffirm. I still make payments on time every month and this has been going on since 2005. The house now needs painting and a little work. What are my options?

WebLaw :

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

WebLaw :

Welcome to JustAnswer,

My name isXXXXX shall do whatever I possibly can to provide you with helpful information about the law. Please keep in mind that, although I am an attorney, I am prohibited from giving customers of the site legal advice or forming an attorney-client relationship on this forum.
If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

WebLaw :


The chapter 7 bankruptcy would have discharged your personal liability on the mortgage but not the lien on the property. This means that since you did not reaffirm, if the property were to be foreclosed, the lender could sell the property to satisfy the debt but could not obtain a judgment against you for the unsatisfied portion of the debt. However it also means that you cannot sell the property without paying the mortgage in full

WebLaw :

Have I answered your question?

Customer:

I had a chapter13

WebLaw :

Did you complete the chapter 13?

Customer:

yes

Customer:

Can I just walk away since there is no recording of any payment to the credit bureau?

WebLaw :

the chapter 13 would typically have granted you would discharge on your personal liability - my original answer stands

Customer:

Am I considered just a renter?

WebLaw :

no – you own the property subject to the loan. If you sell the property for more than the amount of the loan, the excess belongs to you. If you allow the property to be foreclosed, you are not liable for the loss

Customer:

Why are my payments not reported if I own the property subject to the loan?

WebLaw :

Because the bankruptcy discharged your personal liability

Customer:

I don't know if it would be wise to put money into the house if I don't plan on staying here when my daughter moves out in 6 months>

WebLaw :

you will need to make that determination yourself – you may want to look at the value of the house compared to the amount that you still owe on the mortgage in making your determination

Customer:

The value is 112,000 and I owe 97,800

WebLaw :

Since the property is worth more than you owe, it appears that it would be best to sell the house rather than to let it go into foreclosure

Customer:

My bank is trying to get me to refinance with them for another 30 years with a loan of 103000

WebLaw :

I believe that I have answered your original question. Am I correct?

Customer:

Yes you are and you have been very helpful. Thank you Teresa

WebLaw :

It has been my pleasure to provide you with legal information.
Your satisfaction is very important to me. If I have not answered your question completely, please let me know by clicking reply. If you are satisfied with my service, please leave positive feedback even if the law is not in your favor.
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