How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

7.5 years ago I filed Chapter 7 bankruptcy. Of course I listed

Resolved Question:

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: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 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.

cfortunato and other Bankruptcy Law Specialists are ready to help you