What's the time window to rework/reaffirm my house?

[Tom_Mi]

I posted a similar question last week but don't think I posed it correctly. here's my second attempt:

I'm in CH7. My 341 is next week. My home pmts are current. The loan is way upside down: value 190k, owe 260k.

I'm going to ride-through for now.

But I'd reaffirm IF the bank will do a rework WITH a principal writedown. Otherwise they can have it..but they'll still only get the 190k in foreclosure, so it seems like they SHOULD to the writedown.

So I have 2 questions:
1-Can I negotiate reaffirmation/rework any time - even POST-DISCHARGE?

2-Are banks considering writedowns yet if the only alternative is a foreclosure process and sale at the writedown level?

[B65]

I think while

you are current it is hard to get a loan mod..... keep current until after discharge and then stop payments put the money in the bank.... (this is what I am doing) if they refuse to loan mod you then you can always choose to catch up with the money you put away or leave.
The thing is too..... they were not doing too many before because they have a way around it, they do not just get that $190k, they list the house and have to show it on the market for so many days, then they can file an insurance claim and get what you owed them on insurance, then they sell it for anything, as anything on top of what you owed is gravy to them.... does wonders for our house prices that they do this,,!!! I know someone who owed the bank $400k the bank sold it last week for $180k they had already got their $400k in insurance, plus the 3 years of huge interest the guy had paid now they get whatever they can on the market for it....... they make out bigtime, so sometimes they would rather foreclose than loan mod... I am prepared to take that chance...
so that is what I am going to do...

Good luck..

[southernbelle]

When you receive the reaffirmation paperwork from the lender, it will have the terms on the paperwork and they give you the option to sign them or not. After you sign the paperwork, you are given 60 days to "Cancel" the reaffirmation and it's like you never signed, but on day 61 you are stuck with the terms in the paperwork OR you can do a ride through and walk away at any time without owing anything.

From what I've read, it seems like most mortgage holders do not re-negotiate the terms of the original contract, but if you would like to try, talk to your atty and find out if they are willing to do it. If they are, the paperwork they send you will have the new terms in it, but be careful and make sure it's what you want. After the discharge, they aren't going to negotiate with you - the courts are out of it and there's no incentive.