If I just received by Chapter 7 discharge and did not re-affirm my mortgage can I refinance my home?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I just received by Chapter 7 discharge and did not re-affirm my mortgage can I refinance my home?
Can I refinance my home with another mortgage company? How long must I wait? I have always paid mortgage on time (1 late payment due to mortgage company’s error. Mortgage company never removed the late payment). By not having a reaffirmation agreement, is it true the mortgage company is able to place me in foreclosure if I miss “1” payment or late paying?
Asked on July 21, 2011 Pennsylvania
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
You have asked several different questions. To answer your first question: Yes, you can refinance your mortgage any time you want. Whether it's advisable to do so is another story altogether. If you did not do a reaffirmation agreement, then you basically have a mortgage debt that you would have no further obligation on in the event the property is sold or foreclosed on in the future. If this is a junior mortgage (and in some States, even the 1st Mortgage) sometimes there can be recourse against you (in the absence of a bankruptcy discharge) upon foreclosure. Bankruptcy wiped out that obligation, but if you refinance, that's a new loan and not covered by your bankruptcy discharge.
To answer your second question, your mortgage lender can commence foreclosure if you default on your Note and Deed of Trust regardless of whether or not the debt was reaffirmed.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter: @bklawr
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
You have asked several different questions. To answer your first question: Yes, you can refinance your mortgage any time you want. Whether it's advisable to do so is another story altogether. If you did not do a reaffirmation agreement, then you basically have a mortgage debt that you would have no further obligation on in the event the property is sold or foreclosed on in the future. If this is a junior mortgage (and in some States, even the 1st Mortgage) sometimes there can be recourse against you (in the absence of a bankruptcy discharge) upon foreclosure. Bankruptcy wiped out that obligation, but if you refinance, that's a new loan and not covered by your bankruptcy discharge.
To answer your second question, your mortgage lender can commence foreclosure if you default on your Note and Deed of Trust regardless of whether or not the debt was reaffirmed.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter: @bklawr
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.