Hello, I had a chapter 7 BK in 2004 and have been working to rebuild my credit since then. My home loan shows as a 0 balance, IIB. When I called them to have the balance updated, since I have never missed a payment, I was told they could not update it. When I asked why the csr told me that when I filled my BK I never reaffirmed my property, I simply retained it by making payments continously. So she told me that because I did not reaffirm that they cant change the ways its recording because if I decide to walk out and they repo the property they cannot come after me for the money.
A side note here.. I have a manufactured house with negative equity, so this is sounding good to me lol, but is this true? And if it is true, how long after I stop making payments until they repo the property in this situation. I looked through my BK packet and found a sheet that said I intended to reaffirm, but there was no reaffirmation agreement in there, I called my old lawyers office and the secratary said she did not see that one was mailed and did not see that one was signed at the meeting of creditors. So I dont have one, my lawyer doesnt have one, the mortgage company dosent have one, hence there isnt one. But is what she told me true about walking out?
She also said when I gasped " I can walk out on 20k negative equity and you cant do anything about it! " that they would report it as a repo on my credit report. If I am not mistaken nothing other that IIB can be added after the BK, can they add it, or no?
Thanks Chris, Michigan![]()
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