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Reaffirmation not signed...might have to walk

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    Reaffirmation not signed...might have to walk

    Hello all,
    I got my Ch 7 discharge in 9/2007. In the petition we indicated that we intended to re-affirm our debt for our first and second mortgage. As it turned out they (the mortgage holders) never got back to us until the day of discharge.So we didn't officially sign reaffirmation agreements.. We've kept current on our loans, and in fact still are. However....here's the big problem..I work for an airline, My dept. has had a 25% staff reduction in the past month. I
    dodged that bullet, and am still employed, but if oil keeps going up I doubt my employer will remain in business. I'm 49yrs old and have a pretty good salary due to my experience in the airline industry..

    Anyhow, if push comes to shove, and I have to walk from my house. I'm thinking there's nothing much that can legally be done to me...I know I'll be a renter for many years, but I "think" that's the worst of it. Of course, if for some reason our "intent" to re-affirm in the BK petition places the burden to back out on us, then I could really be up the creek.

    Anyone have any experience with "walking" on a house, that they intended to reaffirm, but never actually did??? Up until oil hit 100+ a barrel I thought my financial problems were behind us, we're doing the rebuilding credit shuffle,...blah, blah, blah... now this.

    #2
    You potentially having to walk on your mortgage is a good reason why the reaffirmation not going through will benefit you. Intent is just intent. You are not responsible if the reaffirmation wasn't filed with the court.
    Filed Chapter 7 Pro-Se May 29, 2008
    341 July 1, 2008
    Discharged September 4, 2008
    Closed November 10, 2008 :-)

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      #3
      Aresoonparted: You may be experiencing "divine providence". Call it a blessing not a trial. Don't know how much your payments are, but check between local rent as you have to live someplace. If there is not much difference, it would be better to keep your own. If you are forced to relocate, look now at possibilities. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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