Reaffirming Mortgage after Discharge?

[HOMEBODY]

Can a mortgage loan be reaffirmed after the discharge? I have 3 houses, one I am probably losing, another one is way underwater but I am only paying 1.19 interest so its like paying rent on a nice house, and the other one has some equity. Since I have an attorney and he seems to want to charge for anything extra, I thought I just continue with what we started and then reaffirm the house with equity. I would like to get my credit score back up again and I know that I will have this house forever or until the market goes up again.

Can I just call the mortgage co. and tell them I want to reaffirm since the attorney gave me a letter that says I can negotiage with them myself? (I am trying to get a modification).

Thanks....my meeting is on Friday, wish me luck.

[newbie2]

Can a mortgage loan be reaffirmed after the discharge? I have 3 houses, one I am probably losing, another one is way underwater but I am only paying 1.19 interest so its like paying rent on a nice house, and the other one has some equity. Since I have an attorney and he seems to want to charge for anything extra, I thought I just continue with what we started and then reaffirm the house with equity. I would like to get my credit score back up again and I know that I will have this house forever or until the market goes up again.

Can I just call the mortgage co. and tell them I want to reaffirm since the attorney gave me a letter that says I can negotiage with them myself? (I am trying to get a modification).

Thanks....my meeting is on Friday, wish me luck.

If I'm not mistaken, reaffirmation takes place during the bk process, not afterwards. If your attorney says that they don't mind if you negotiate yourself, then pick up the phone and call them.

[chriselle]

If you are already granted a discharge, as far as I know that debt will be discharged. Not unless you reopen the case.

[Over our heads]

I don't believe you can re-aff the debt once discharged. You could however, refinance the property, which would then make it a 'new debt' to which you would be liable for.

[justbroke]

The real question is... why would you reaffirm? There is not reason to if you can "stay and pay"... also known as a walkthrough. Once a case is discharged, you cannot reaffirm anything.

If your case already discharged, be thankful. Just keep current on your payments and, in most States, they can't foreclose unless you are actually behind in payments and they follow the process.

[ladyjenn]

I don't believe you can re-aff the debt once discharged. You could however, refinance the property, which would then make it a 'new debt' to which you would be liable for.

Is it possible to do this with the mortgage company right after discharge, or do you have to wait the "standard 2 years"?

[justbroke]

Is it possible to do this with the mortgage company right after discharge, or do you have to wait the "standard 2 years"?

If any lender is willing to refinance you then you don't need to wait.

There is no "standard" except for the GSE (Government Sponsored Entities) programs such as FHA, Fannie Mae, Freddie Mac. Most mortgages are underwritten by the GSEs.

[ladyjenn]

I see. I guess that is what I need to figure out...who backs my mortgage.
Thanks!