Q: Hi I filed chapter 7 bankruptcy 2 years ago and did not include my home, yet it is listed on my husbands credit report.
We did a home modification with Wells Fargo and since we were never told about reaffirming our mortgage loan its not reaffirmed so what can we do now? We are making regular payments on our mortgage. Wells Fargo said its too late to reaffirm the loan now so now what?
A:
You were supposed to list all creditors, even the creditors that you wanted to continue paying. Most national lenders have purchased bankruptcy info from one of the three credit bureaus and the computer at the national lender downloads a list of all individuals that filed bankruptcy in the previous week. Thus, the creditor is aware that you filed your bankruptcy even if you did not list the creditor.
At this point, there is nothing that you can do to reaffirm. However, you can keep the home provided you stay current on the mortgage payments. There is an advantage to your current situation in that if you later decide you cannot afford the home, you can surrender the home and the mortgage company cannot file suit against you to collect the deficiency since you discharged your obligation to pay the mortgage company.
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