Secured Loans After Discharge

[ConfusedinOC]

1. Once your Ch 7 has been discharged and you do not reaffirm on a home or car loan can you continue to pay and keep the home or car?

2. If you can keep the home for instance and continue to pay will payments be reported to credit report?

3. If not reported and say you continue to pay and live in the home for say 3-4 years and decide you want to let the home go can you just stop paying and let it go to foreclosure? If you do this will the failure of payments and foreclosure be shown on your credit report even if you were discharged years before?

[cupcake]

1. Yes, this is called a ride through.

2. Not likely. The debt is discharged and no longer your debt to legally pay; your payments will not be reported to the credit bureaus.

3. Yes, if you did not reaffirm and continue to pay, you can stop paying at any time and walk away from the secured property (house, car, etc.). I do not know whether or not the failure to pay and/or foreclosure will be shown on your credit report. However, I don't think it would, as the debt was already discharged.