We filed BANKRUPTCY, wanted to reaffirm loan on house, but attorney didn’t follow through with getting it done. I have kept making house payments with no problems, but if I don’t make one months mortgage payment, can they foreclose on the house if I pay next months mortgage?
Yes, they can foreclose if you miss a payment, but a bank will not start the foreclosure process if you are just one month behind. The foreclosure process takes several months to complete and you have the right to cure the delinquent payments and stop the foreclosure process at any time before the foreclosure sale. For this reason - among others - banks almost never start the foreclosure process unless you are at least 3 months behind.
Neither your bankruptcy filing nor any reaffirmation would affect the bank's ability to foreclose on the house. The bankruptcy does away with the debt, but the lien on your house remains and that is what will trigger the foreclosure process if you don't pay.
Incidentally, it's generally better for you to NOT reaffirm a mortgage. This is especially true if you are late or miss some payments. Most attorneys, myself included, advise clients NOT to reaffirm real estate debts.
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Not only is it a really bad idea to reaffirm a mortgage loan, some of the judges here in Colorado will not even approve such a reaffirmation agreement. You should be very grateful your lawyer did not have you reaffirm that loan.
You should make every effort to catch up and stay caught up with all of your mortgage payments. The lender can and probably will foreclose if the loan is not brought current. As Mr Harkess stated, you probably do have a little bit of time to get those payments made, but ultimately the lender can foreclose at any time of payments are delinquent.
Whether you reaffirmed or not does not affect the right of the mortgage holder to foreclose. Even if you had reaffirmed (which you shouldn't), if you missed a payment, they can foreclose. As a legal matter, yes, if you miss a payment (go into default), the mortgage holder can foreclose. Understand that foreclosure takes about 4-5 months. As a practical matter, most lenders do no start a foreclosure process until the borrower is at least 3 months behind.
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