What Constitutes A Reaffirmed Debt?

[Fearnleah]

We filed chapter 7 five years ago.
Everything was listed except our student loans.
We kept making payments on our home and have remained current but have never "formally reaffirmed" that debt.Now we are going through a divorce and I want to know what obligation we have to the home.
If the bank forcloses are we liable for any shortfall with the market the way it is?

[Radford]

May depend if the home loan is NONrecourse past the home itself if lender can dig beyond forclosure results to hold you liable --if thats way you go.

[Tournour]

So, just to be clear.
It does not matter how much time has past or that I have continued to make payments.
As long as we did not formally reaffirm the debt we cannot be liable for any loss due to foreclosure.

[crosbey]

That's correct. The "debt" was incurred at the signing of the contract for the mortgage. As long as that act was prior to the filing date of your previous bankruptcy, there will not be any further liability in the event of a foreclosure.

[Thaw]

If the debt was not reaffirmed, you have no personal liability on any foreclosure.

[Vromme]

Practice on this issue seems to vary, but in Northern California, I have never reaffirmed a mortgage loan, or any kind of loan secured by the client's house.
It is simply accepted by all that the debtor goes on paying or the lender forecloses after the bankruptcy discharge.Cathy Moran

[Dominic]

I have been hanging with this board for a while- so most know we're working on Ch 7, but I forgot to say...

[Flannan]

I named and requested without providing my bill number- therefore, I can not maintain them to it. The individual explained they do not "reaffirm" mortgages. I requested subsequently, "If we proceed to cover the remainder of the 30 years, may be the home still likely to be mine?" And, she stated "Yes." I suppose I'll observe once the moment comes. It appears as though I'd maintain an identical scenario for this poster if down the road we discover you want to forget about the home and did not formally reaffirm. I wonder how I really could possess the greatest of both sides? I guess that it's feasible that my lawyer may demand that people reaffirm. We're likely to mix that link soon. So far as we all know, you want to maintain the home- and therefore are confident we are able to move it, but we've no crystal ball. Cheers for almost any insight.