Mortgage in Good Faith - is this ture?

[gophermn]

Ok a little history. My CH7 was closed about a year ago and it seems my home did not get reaffirmed. Either they never sent the papers or I never sent them in, nonetheless my home never got reaffirmed so the last year I have been making payments (on time) and not getting any credit for it because well, once you file BK the mortgage company can not report anything to my credit report.

Is there such a thing that mortgage companies will allow you to pay in good faith and wont touch your home if payments are on time? Or can they come in anytime and take my home because, well, it was not reaffirmed.

My credit report shows this: Pays account as agreed

Do I just keep paying in good faith hoping I can refinance in another year or so? I am curious if I would be eligible for Obama's Loan Mod program?

Thoughts?

[HHM]

What you are talking about is "ride through". The vast majority of districts allow ride throughs (unless the creditor objects during the BK). You should not have anything to worry about. So long as you continue to make your payments, you will be fine.

[eddiep]

I believe that if you did do a loan modification under the Obama plan you would be required to sign a reaffirmation at that point and would be responsible for any loss if you went into foreclosure after that.

[Logan]

Do you think the banks want to take a home from someone who is paying their mortgage?

[gophermn]

Logan, obviously not but as absurd and backwards as these people are, who knows?

[Smalls]

so what happens if you "ride through" but fail to make the payment later in time? Can they still sue you for deficiency?

[HHM]

so what happens if you "ride through" but fail to make the payment later in time? Can they still sue you for deficiency?

They can still foreclose, but you would NOT be liable for any deficiency.