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    Need Help Keeping My House!!!

    I currently reside in VA. My 341 meeting is in 4 weeks. I contacted my mortgage lender WellsFargo and they have agreed to allow me to reaffim my mortgage. I've never been late or missed a payment. However, my lawyer advised me that 90% of the time the judge will deny a reaffirment on a mortgage loan. As I advised to him, I can afford the payments; but got in a hole with I opended a business & had to close it within 3 years. I invested a lot of my money & used credit cards. My question is...what if the judge don't sign the reaffirment even though I want to stay in the house for 15+ years and will WellsFargo allow me to reaffirm without the judge approval? and how long do I have to wait to refinanace? I want to be able to keep my home & feel secured in knowing my payments are being recorded, etc. Please advise...I feel very overwelmed by this entire process!!!!

    Thanks

    #2
    Need HELP BAD!!!!

    I currently reside in VA. My 341 meeting is in 4 weeks. I contacted my mortgage lender WellsFargo and they have agreed to allow me to reaffim my mortgage. I've never been late or missed a payment. However, my lawyer advised me that 90% of the time the judge will deny a reaffirment on a mortgage loan. As I advised to him, I can afford the payments; but got in a hole with I opended a business & had to close it within 3 years. I invested a lot of my money & used credit cards. My question is...what if the judge don't sign the reaffirment even though I want to stay in the house for 15+ years and will WellsFargo allow me to reaffirm without the judge approval? and how long do I have to wait to refinanace? I want to be able to keep my home & feel secured in knowing my payments are being recorded, etc. Please advise...I feel very overwelmed by this entire process!!!!

    Comment


      #3
      First why do you want to reaffirm your mortgage? Do you have equity?

      I have been told that Wells Fargo is pretty easy to just "pay and stay".
      "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

      Comment


        #4
        If the Judge says that you cannot, the bank is ordered not to, so the best bet is to 'pay through'. They want your money not your house. I believe they have a few houses of their own they'd like to sell. You may be confident in that you can pay the mortgage NOW, but what if things change. Then you are stuck with a Judgment that can haunt you for 20 years. '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.

        Comment


          #5
          Please only post one post in one category at a time. This is confusing and you will not get any better service spamming the posts. '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.

          Comment


            #6
            I want to reaffrim bc I want the capability to pay online or pay at the bank, I want it to report on my credit & I have a cosigner that I don't want to affect.

            Comment


              #7
              Just pay and stay....it doesnt matter. As long as your current, they're not going to do anything. Its still going to be on your credit report that you're paying your mortgage timely. Like 'Hub said, anything can happen in life, if something happens in a few years down the road catastrophic, you get to walk away without being sued iirc. Besides, its really up to the bk judge, so go with the flow, it'll work out just fine probably, best of luck!
              Filed Ch 7. Jan 14th 2011. 341 Feb. 24th 2011. DISCHARGED April 26th 2011. Closed May 10th, 2011. Huge weight off our shoulders! Scores as of 5/14/11 : TU-639, EQ-642, EXP-602

              Comment


                #8
                Don't worry about re-affirming, most of the time the banks don't even seem to care.

                My access online was cut off until the case was closed, but once closed I got online access turned on and have just been paying.

                There is no benefit to re-affirming, as in most states foreclosures are not permitted because of bankruptcy as long as you stay current. Plus they don't want to foreclose. No incentive to do so.

                Comment


                  #9
                  I desperately wanted to stay in my house. I did not reaffirm. The bank couldn't care less - all they want is money - not the house. Don't be worried about re-building your credit so fast - there are plenty of different ways to do it once you are discharged. One way should NOT be by reaffirming. The reason? Because if God forbid you lose your job, or get sick, or get in an accident and suddenly there is no way for you to work anymore, you 'might' have to actually move. If you pay and stay, you simply stop paying and walk away. If you reaffirm, you are stuck with the loan until you are eligible to file chapter 7 again, which a) is 8 years, and b) you never want to have to file chapter 7 again. Try to relax. Many people just keep paying their mortgage and never hear a peep from the bank. I have one friend who filed BK - throughout the course of his BK, he never received a bill from his mortgage lender. (I have heard of people no longer receiving their bills because technically it's in violation of the automatic stay). He made 100 copies of the last mortgage bill he received and he sent it every month, on time, and just crosses out the date and puts the new date on it. I am with BofA and Green Tree, and I religiously receive my bills from them every single month and have never had interruption - even through the entire process of my BK. Guess they didn't care about the rules. LOL
                  Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11

                  Comment


                    #10
                    Wow - I never thought about not being allowed to reaffirm - the mort is not my problem! It is CHEAPER around where I live than rent - got two kids where I am I supposed to go? Although hopefully bank won't WANT underwater house back...

                    AND I know that ONCE Ch 7 is file mort must be exactly on time...this month it'll be 1.5 months late - have to pay atty :-) - BUT from here on out on time - certainly if Ch 7 is filed it'll be on time - Ch 13 I understand is a bit different...

                    Comment


                      #11
                      Do a ride-through.......as said before they don't want your house. Ultimately, the decision is yours, but I think we all agree that to reaffirm is not good advice. You will likely gain online access after your case is closed and you can always prove your mortgage payments are made ontime...in the future....should you want to refinance or get another mortgage. You can still remodel the house, sell it, live in it, pay off the mortgage completely.....nothing changes....except your bills now say "for informational purposes". Rebuild your credit in a slow and precise manner, like a credit card or auto loan (sorry LSU) Doing a ride thru is not illegal nor is it likely the morgage holder will try to kick you out......no judge in the land would allow if your current and making monthly payments, you still have the deed.

                      Comment


                        #12
                        THanks to all!!!!! But I'm one of the few people that my lender actually did a mort modificiation for and cut my payments by $500/mo!!! I went from 7.95 to 5.25% is it permanent? Or for six months? God knows. By phone they told me it was 6 months....online it shows like the whole thing was changed....SO - is that going to be a wrinkle here? My mort is LESS than what most 3 bedroom rents go for around here - why was I late? Because I was trying to pay all the danged credit cards...and now I have to make a payment to the atty...but then it's fine, on time.....what does everyone think?

                        One more question to the collective wisdom here - I have a 7 day grace period (and by the way since the hardship modification - effective Nov 2010 - they haven't charged any late fees...) - I was going to send payments (once online is cut off) by Priority Mail which is trackable gets there to their PO Box in 2 days so that it gets there on the 1st and worst the 2nd of each month - proof of mailing, proof of receipt. Does that sound ok?? I'll do the same thing with the 2 cars.

                        Comment


                          #13
                          And also - why did you bc0kwri have to contact WF yourself? Isn't that what the lawyer is supposed to do????

                          Comment

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