Expert: Terry Leeders - 1/27/2009

Question
My husband and I had a bankruptcy that was discharged in 2002.  I do not remember signing an affirmation agreement, but we got to stay in our manufactuered home and continued to pay our mortgage.  We sold the home in 2006, but when I looked at my husband credit report, it showed the mortgage being discharged in 2002.  Does that mean we did not own the home and the bank did?  I am a bit confused as to what it means.

Answer
If there was no reaffirmation signed, then the debt is discharged thru the case, although the lien will still remain against the title, which you could pay down (or pay off at sale).  The creditors will usually let you pay the loan to keep the asset, even without a reaffirmation.