Reaffermation, with a twist

[river147]

don't reaffirm but still making payments?

If I don't reaffirm but continue making payments. Does this mean I still own the house? Can I sell my house if I don't reaffirm?

[keptdigging]

I'm no lawyer nor foreclosure expert... so gurus please jump in. BUT remember YOU own your house. We talk about the mortgage holder "taking" your house, but actually the right they have is to sell it to pay off the mortgage. If there's more it's yours because YOU own the house.

Reaffirm/don't reaffirm changes none of this.

Just seems that we're so used to homes being underwater that we forget who owns and who merely has a lien.

The person that can "take" your house--ownership and all--is the Trustee for your bankruptcy estate. But if there's no equity or it is all exempt it gets abandoned back to YOU.

And ownership of your house cuts both ways--it also means as a property owner you're responsible for upkeep, following city codes, etc. etc. It becomes an issue for people who are so under water they just want to walk away--but they can't make the mortgage holder take the house.

[newbie2]

If I don't reaffirm but continue making payments. Does this mean I still own the house? Can I sell my house if I don't reaffirm?

Yes, you still own the house. And yes, with that ownership comes all rights that you've always had including the right to sell it.