Have a CC & Mortgage with BOA

[UndrPreshr]

Hello. New member here. Don't know if it'll come to the big BK or not but reading all I can to prepare me and the wife. My question is what happens when I have a CC with BOA and my mortgage is with BOA (they bought out Countrywide)? I don't want to lose my house. It's our first house and we're WAY upside down on it anyway - Mortgage is at $229k and Zillow shows it's worth at $195k I think. The CC has a $20k balance. I have a few other cards. But since I want to claim the BOA card in the bankruptcy I worry about what BOA could do to our Mortgage? Any thoughts or has anyone had any experience with this? Thanks.

[DeadManCrawling]

The two are unrelated, legally.

If you are current on the mortgage, which is secured, that has no relation to the credit card which is unsecured.

There can be cross-collateralization, which I do not think can apply here. Cross-collaterilization is when you owe a company multiple debts and they are entitled to combine those accounts for billing purposes, and take money from any of your accounts to pay any of the bills.

In your case, since BoA and CW merged, it is unlikely such an agreement exists. In any case, one debt is secured, the other is not.

Now, that does not mean BoA won't make things very difficult. Paperwork has a way of being lost and phone conversations forgotten. I would be wary of these things.

[BkinTX]

We bk'ed about 20k on a BoA card and 9k on an MBNA (bought out by BoA) and have a BoA mortgage.

We never received a reaffirmation agreement and I have read on this forum that BoA does not reaffirm. However, so far, our ride-through has gone very smoothly. We have continued to make our mortgage payments on time and haven't missed a payment. BoA hasn't complained or indicated a problem.

I think you can expect the same.

[eddiep]

I also have a BoA mortgage and two cc. We filed for bk on the cards but kept the house, no issues at all with that. I was even able to get a modification on the mortgage even though they knew we were preparing to file bk. The cc/bk was never an issue for us.