Mortgage question

[NY1]

I have filed for bk and plan to keep my mortgage and i have a question . Currently on my credit report my mortgage company says.. Banking : Petition Chapter 7 Balance 0.

What does this mean? It says balance O...isnt this reporting incorrectly? I am planning on keeping this mortgage .

[LimpDisc]

It's being reported correctly. The balance should show as zero and included in bankruptcy.

Will you be reaffirming the mortgage?

[NY1]

But how is it being included in the bankruptcy if i am keeping the mortgage. I have an intent to pay statment in my bk..i plan on keeping the mortgage and continuing to make payments.

[justbroke]

But how is it being included in the bankruptcy if i am keeping the mortgage. I have an intent to pay statment in my bk..i plan on keeping the mortgage and continuing to make payments.

In order to protect themselves from Stay violations, your creditors immediately update your Credit Report to show $0 balance and "included in bankruptcy" (IIB).

If you reaffirm your mortgage, it will start reporting correctly again after your case closes.

If you don't reaffirm your mortgage (ride through), it will be reported as $0 balance and IIB forever.

It reads as though you're doing the later, ride through. As such, expect it to read $0 and IIB forever.

[NY1]

and when and how do i re-affirm my mortgage...i have a lawyer doing all of this but im curious of the process.

[StartingOver08]

The reaffirmation agreement is a separate contract. Call your attorney, usually the bank sends the agreement to the attorney for your signature directly. In order to reaffirm, you sign, the lender signs and the attorney signs, or the court approves the reaffirmation. Sometimes the court does not approve it. This is a process that needs to be completed and filed before your discharge. Check the status with your attorney. Some prefer you just ride through and not sign the reaffirmation agreement as it gives more options to you.

[justbroke]

and when and how do i re-affirm my mortgage...i have a lawyer doing all of this but im curious of the process.

StartingOver has posted the process. As far as reaffirming... most attorneys would prefer you do a ride-through.

[LimpDisc]

Did your statement of intentions list your mortgage as retain or reaffirm? Someone can correct me if i am wrong, but I don't think you'll get a reaffirmation agreement if chose to retain.

Property will be…
Surrendered
Retained - checked

If retaining the property, I intend to…
Redeem the property -
Reaffirm the debt -
Other. Explain – checked - Retain and pay pursuant to contract

[justbroke]

While the bank may try to send you one, on a Retain and Pay intention, you do not need to complete it.