Selling a home you didn't reaffirm . . .

[Calamity]

We are current on our mortgage, plan to stay current and keep our home. We have Countrywide Financial and they are a mess. We asked for a reaffirmation, but our attorney told us she hasn't been able to get reaffirmations from them in quite some time. I asked her what happens if 15 years down the line, I want to sell the house and take my equity. She said it could be a problem if we didn't reaffirm. Now that is just another thing keeping me up at night.

Anyone sold a house after BK they didn't reaffirm? Was it a problem?

[HHM]

It is not a problem. I am not sure why your attorney would say that. Countrywide has no more claim than what they are owed minus the payments you have made.

[LuciluS]

My memory is not too good today as I've been up all night. However, I remember reading where a Trustee requested the mortgage company for a Reaffirmation. Don''t recall if it was a chapter 7 or 13.

That's what scares me as we are filing in Sept. and are current on our mortgage and WANT to reaffirm as our State, especially in our Area, values of home did not decline that much. We closed on it 12/20/07, put $5,000 down and have about $8,000-$10,000 in equity. I got those figures from the last two sales 10/08 & 3/09 in our subdivision from realtor.com. We don't plan on moving. Next place will be Heaven! LOL!

If you really want to Reaffirm ask your Attorney if he/she might possibly gently urge the Trustee to request Reaffirmation. I remember reading on a post in General Bankruptcy Talk where a poster stated his/her Attorney demanded a Reaffirmation on their mortgage.

I know our contract with our BK Attorney mentions his fee includes 2 Reaffirmations. Haven't questioned him about it. I do know the 2005 law says Reaffirmation are not required. Also, read where 'riding thru' on mortgages there were problems with the Credit Bureaus reporting payments. Guess that could be resolved though.

Luci

[Calamity]

Thank you for your replies. I feel better now.