Reaffirmation questions

[justplaintired]

Same here, this BK has consumed my life LOL

Still scares me though....the thought of losing our home would be devastating to our family. But as you say, our attorney also recommended we not reaffirm. I am still going to bug her again today and get her thoughts on the risk involved

For what it is worth, I posted a couple of questions on a couple of those sites where lawyers respind to your question, and both have said that their is no risk in losing your home if you don't reaffirm, as long as you remain current. Crossing my fingers they are right, but who knows

Sounds like we are thinking the same. Have you filed yet? We hope we will be filing soon. Maybe within a week or two. We are in Indiana and fall below the median income quite a bit, so we are going C7. It's makes me feel so much better finding people who are in our mess. We felt sort of alone, we aren't telling anyone what we are doing, not our families, not our friends. This forum has made me feel less alone.

Good luck with yours! I know the first place I'll be when ours is over is here! Shouting Thanks and It's Over!!!

[seanf12]

Not yet...in order to help our cause for a Ch 7 we are probably looking at mid-to-late May for a filing date.

Have you asked your attorney about the risk involved in not reaffirming your mortgage? We desperately want to keep our house.

We are in the same boat...the only people we have told were my parents, and they actually offered to loan us a large chunk of what we owe and pay them in installemtns ( at a significantly reduced rate). Problem is that I don't see how we are going to have it payed off in under 10 years given the debt load we have (over $100k). Then again, if there is even a slight risk in losing our house, it might be an option we lean towards

[justplaintired]

Well, we wouldn't be doing this is we felt we could possibly lose our house. Have your stayed current on your payments on the house? I do know you need to be current before you file. That is very important. I know our attorney feels we will have no problem keeping it. Have you got an attorney yet? Did you have a consultation yet with one if you haven't hired one. We met with 2 at no cost before making the decision who we would go with.

We choose an attorney who strictly does bankruptcy. We felt if that is all he does we can be more sure he knows the rules and what we should be doing. There are only 2 attorney in this office. Our first meeting was with a very large firm and when I called in to ask a question, the sales rep I talked to made me very nervous, I actually knew more about bankruptcy then the person did, very scary!

Anyway, both seemed to think our house would remain safe. Being we were current and intended to stay current. Also my understanding is with the housing market like it is, they really don't want ppls houses. So we are feeling like we will be fine.

Far as borrowing that kind of money, well, you can only make that decision. My parents don't know what we are doing. They have the money to bail us out, but I will not ask. I feel like we made this mess, we will get out on our own.

I do understand about your home, I feel the same way.

[InSeriousDebt77]

Great thread

[seanf12]

Yep we are current and intent to remain current

We met with several attorneys and the one with went with also does strictly bankruptcy (as a matter of fact, her boss is a Chapter 7 trustee). I spoke with her this afternoon and she told me the same thing your lawyer told you. Staying current is the most important thing we can do and as long as we do, we will be fine. She has never done a reaffirm on a mortgage, and has never heard of anyone losing a home because of it.

For the heck of it I spoke to the bankruptcy dept at both of my lenders as well (Citimortgage and First Horizon) and both told me that as long we stay current, we will be fine. First Horizon (who is our 2nd mortgage) even told me that once it is discharged, I go back into regular queue, which sounded like they even report our payments properly post discharge.

So for now I am feeling a whole lot better :-)

I wonder if anyone out there has heard of someone losing there house post BK with no reaffirm?