Un-reaffirmed mortgage question

[Confused33]

I did not reaffirm my mortgage and have been current since day one of the loan, never a late pay or late fee. Called today to find out about payment extension and they said no dice.

If I don't pay one month what will happen? It reports as $0 balance on my report and "included in bk".

Anyone have advice? It's with bank of America who should change their name to bank of overseas call centers. Lol

[AngelinaCatHub]

They are correct. You did not reaffirm and they can by one late payment call your note. Be pleased if they are letting you "pay through". It is the way it is. I guess we need more empty houses as the illegal aliens need places to camp I guess.

Stay current and you should be fine. 'Hub

EDIT: The zero balance on the C report is just for their bookkeeping write off stuff. You still owe the debt. If you cannot in the future pay for economy reasons, you can walk away.

[TEW]

I did not reaffirm my mortgage and have been current since day one of the loan, never a late pay or late fee. Called today to find out about payment extension and they said no dice.

If I don't pay one month what will happen? It reports as $0 balance on my report and "included in bk".

Anyone have advice? It's with bank of America who should change their name to bank of overseas call centers. Lol

I hate to tell you but that should have already happened.
Just because you are paying that loan doesn't mean is was not discharged.
If that mortgage is not IIB You need to correct it.

[keptdigging]

Couldn't they call the note after one late payment even if it was reaffirmed? Has something actually changed?

[BCA2009]

Couldn't they call the note after one late payment even if it was reaffirmed? Has something actually changed?

The OP said they did not re-affirm the note. In some states they could start foreclosure even if you made your payments on time. I haven't heard of it happening, but I'm sure it has somewhere.

[BCA2009]

They are correct. You did not reaffirm and they can by one late payment call your note. Be pleased if they are letting you "pay through". It is the way it is. I guess we need more empty houses as the illegal aliens need places to camp I guess.

Stay current and you should be fine. 'Hub

EDIT: The zero balance on the C report is just for their bookkeeping write off stuff. You still owe the debt. If you cannot in the future pay for economy reasons, you can walk away.

I think what Hub is saying is that if you want to stay, you have to make the payments, but you don't still owe the debt after discharge.

[CCsAreEvil]

Is there just one mortgage note on the property? Is your current loan amount higher than what the home is worth? If this is the case, and it sounds like you really would like to stay, maybe pay late. However, you'll probably still have to come up with late fees. By then, probably catch up to being current again. If you do not see this being possible at all, then you may as well stop payments "now". Then, you should be able to save up enough (and more?) for a few months while they pursue the foreclosure process before you must vacate.

But then again, it sounds like your intentions are to stay in the property.

[Confused33]

[Flamingo]

Your score cannot be affected any worse than by having a BK showing. The only thing that will happen if you are 30 days late is that you will incur a late charge for that month. If you continue to be late more late fees will be added and foreclosure proceedings started. Your home will show as being included in BK on your credit reports for 10 years. However, all this is noted on the lender's own records so if lenders in the future should check with them back when you are on your feet and trying to get a mortgage or credit, and they are contacted by that prospective mortgagor or lender, they have all that information available as to how you conducted your payments.