ATTY didn't send in Reaff papers, now what?

[amwcal9]

[FloridaGirl]

Please tell me you made copies of all your papers before you took them to your attorney. If so, you can always re-submit them to your attorney. What a bunch of jackasses to lose such important papers. Just ask your attorney what you need to do and if you don't get any satisfaction, you may need to figure out how to submit reaffirmation papers on your own. Don't let this go, keep on them.

[HHM]

Most attorney's recommend against reaffirmation agreements because you don't need to reaffirm. So why do you feel the need to reaffirm.

(You still have to make the payments, but you don't need to reaffirm the debt, and especially not on furniture)

[Minnymouth]

You don't need to reaffirm because if you keep paying on your house or auto, etc, they assume that you plan to keep them. They may or may not send reaffirm papers.
Don't stop making payments if your keeping them.
And the companies may no longer send you statements monthly so make sure your payments are made on time.

Minny

[smallchange]

I have 2 secured loans. One is my mortgage and the other is a vehicle loan. I intend to keep both and continue making ontime payments as i always have until they are paid off.These loans show paid as agreed/never late on my credit report.If i do not sign a reaffirmation agreement or if i do sign one but the lender does not,then these accounts will show included in bk on my credit report even though i continue to pay as agreed/never late.However if both the lender and i sign a reaffirmation agreement the lender is required by law to continue reporting these accounts as paid as agreed/never late even though i will have discharged other non secured debts in bk. This is my understanding but if this is incorrect i am hoping someone will tell me here on this forum. I intend to reaffirm my 2 secured debts in order to benefit from the favorable credit reporting as i rebuild my credit ,but only if the lender also agrees to reaffirm,otherwise i will sign no agreement.However without the reaffirmation agreement if the engine blows in the vehicle or my home suddenly loses a great deal of value the lender will stuck with the loss as they have already reported included in bk they can do no more harm to me.

[InDebtInMD]

I did not reaffirm anything although we do have a mortgage and a car loan we are paying on and current on.

I thopught about reaffirming the mortgage briefly, but then I figured since I've already got the BK hit on my credit what is the point. Also, I figure if the real estate market ever tanks in my area I can sell the house and not worry about any deficiency balance if I got less than what I owed. (Not likely, but you never know)

[StaciMM]

I don't think you'll be able to sell the house for less than you owe, as the mortgage company won't release the title unless they are paid in full. So, its 'buyer beware'. Regarding buying another house (someday) you should keep copies of all payments to your current mortgage company, they may not provide you with a credit reference as you aren't obligated to pay them.

I did not reaffirm anything although we do have a mortgage and a car loan we are paying on and current on.

I thopught about reaffirming the mortgage briefly, but then I figured since I've already got the BK hit on my credit what is the point. Also, I figure if the real estate market ever tanks in my area I can sell the house and not worry about any deficiency balance if I got less than what I owed. (Not likely, but you never know)

[HHM]

You won't be able to sell your house "by conventional means" for less than what you owe as staci has pointed out, the mortgage lender would not release the lien and also, the title company or attorney handling the deed would flag the transaction.

Deficiency balances only happen at foreclosure.

[StaciMM]

Thanks! I knew there would be issues, but didn't know the right terms.

On the other hand, if someone's mortgage is discharged, and they stay in the house for a few years after that, they could possibly build up to purchase another house? I don't know how much time has to pass to get 'new buyer' status.

You won't be able to sell your house "by conventional means" for less than what you owe as staci has pointed out, the mortgage lender would not release the lien and also, the title company or attorney handling the deed would flag the transaction.

Deficiency balances only happen at foreclosure.