One of the benefits of filing bankruptcy is getting out of debt. However, people filing bankruptcy tend to be forced to ask the question on whether they will lose their home. It is often not required to reaffirm debts such as a mortgage. A Michigan bankruptcy lawyer explains that you could keep your home as long as you continue to make timely payments. However, if you default or miss your payments the bank can immediately start foreclosing on your home. In addition to not reaffirming if you continue to make payments the mortgage company has no obligation to report on time payments to the credit bureau because you legally don’t owe them money. This may proved difficult if you want to buy a new home at a later point.
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