mortgage balance

[cperman]

Hi,

My Mortgage company has stopped reporting to the credit agencies because I did not re-affirm the mortgage. I understand that but shouldn't the balance be zero. They still have the balance as of the filed date..I have been discharged for 6 months now. I'm still paying the mortgage every month on time. Thanks
I filed chapter 7.

[Minnymouth]

Since you did not sign the re-affirm agreement the mortgage company can leave the credit report as it stands. They do not have to report a -0- balance, because you still owe them....
Also, they do not have to report payments you make to them, though make sure you have good receipts for what you do pay and make sure all payments are ON TIME. Can't afford a late pay on this................

The mortgage company does not have to cooperate with you in any way when it comes to your credit report, because they know you can walk away at any times and not owe them anything....

They can't report a balance owed, it should say included in BK but often they show "last high balance" and it will be what you still owed them at the time of bk......

No payments from here on out to them will be reported to the credit bureau.

Really the account with them is closed, your just keeping it open by paying them each month.....

I'm surprised they haven't foreclosed but guess they figure money in hand each month is better than nothing or taking a loss on you......

Under the new laws you can't do the ride-thru but evidently your mortgage company still wants to honor that. Consider yourself lucky.....

[cperman]

can i re affirm after discharge

Ok,

Now I'm panicking...I love our house and want to keep it. Can I work with my mortgage company to reaffirm my debt post discharge? Thanks,

[Boscoe]

If you've been reading the news at all, you will see that there is an avalanche of foreclosures happening all over the country. I cannot see any reasonable scenario for any home worth less than $1M (and most over that) that a bank or mtg co would even consider taking your home.

First, they'd have to foreclose and go through that long, expensive process. Next, they'd have to get you out of there.

Why would they ever want to do this?

All this being said, and I will defer to the experts on this site, it sounds like you should have signed the reaffirmation. You want the house, you acknowledge the debt is yours, why not? Additionally, they will (most likely) report your payments which will help your credit score.

Anyone else can help here?

[cperman]

reaffirmation

Hi,

I just talked to my lawyer and he said quote "Reaffirmation does not give you any protection if you don't pay the mortgage, and no one can foreclose if you pay your mortgage."

Just that last part of that sentence makes me feel better. I trust my lawyer as he has done right by me. I guess I was reading too much on the internet and needed my lawyer to straighten me out.

With that said....comments anyone?

[Boscoe]

Why would they foreclose if you are paying? They have enough bad loans out there to be screwing around with performing loans.

Don't worry about it, but you still will need to get some credit elsewhere who will report to the credit agencies......

[frankies_mom]

I am in a situation now b/c my mortgage company hasn't been accepting our mortgage payment. My last day for objections was yesterday and on the last day my mortgage company has put in a motion for relief. Before that, I don't know how many calls I've made. I have about 10 different 800 numbers they told me to call and then I would get voicemail. They gave me the runaround. So now it looks like they put in their motion so they can start a foreclosure. But we have the money to pay them! I have a call in to my lawyer and two calls into my mortgage co's attorney for a reinstatment quote. I am praying they take our money b/c I do not want to lose our home! I don't understand why they can't take the $ if you are willingly paying it. I understand the law and they cannot try and collect but I don't know why they make it so hard for you to pay if you want to. I am just hoping they don't want another foreclosure to deal with and they will take our money to bring us current. I was so excited for Day 60 to be here. This has put a big damper on it.