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Bankruptcy Law/Reaffirming home after chapter 7 discharge

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Expert: - 1/5/2010


Question
My husband was laid off from his job last Sept 09 when our bankruptcy was finalized. Our home is also upside down 40,000 so our layer advised us to not reaffirm our home loan. My husband was recently called back to work. Is there anything we can do to keep our home now? I've read lots of people saying they're still paying their loan even though they didn't reaffirm or do a loan modification. Are they just renting their home? I don't understand. My husband had a VA loan, could they help us redo the loan? What would be the smartest way to go about becoming home owners again?
I live in Missouri.

Thanks for your advice

Answer
It's never necessary to reaffirm a loan on real estate.  Have the mortgage lenders foreclosed on your home?  If not, you still own it.  What makes you think you are no longer homeowners?  Did you continue making all required payments on the mortgage(s)?  If so, just keep doing it.  If not, then you need to work out arrangements with your lender(s) to catch up on the payments (or seek a loan modification, etc).

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Mark J. Markus- California Bankruptcy Attorney

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Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

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Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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