Intended to Reaffirm Mort., changed mind, now what?

[7pancakes]

Hi All,

I have enjoyed reading this forum the last few months and would like some advice on something.

I have filed for Ch.7 pro se, and already completed all the paperwork, 341 meeting, and only need to do the counseling. I was planning on reaffirming my mortgage, but the mortgage company wouldn't do it (blessing in disguise?). I am already behind 2 payments, and I am expecting discharge in mid-August. I sent a statement of Intention for the home, saying I was reaffirming, but since I can't work that out with my lender, I am not - which now I think is better anyway. Do I need to do anything else to make sure it's discharged? I haven't signed any agreement, just sent in the statement of Intention.

Also, since I won't be reaffirming, what's going to happen with the house? I claimed it as exempt on the papers, so the trustee isn't interested in it. Will I have time after the bk discharge to find a new place? Are they going to go through the normal foreclosure proceedings, which can take months? (My lender is Countrywide (Bank of America)

By the way, I purchased NOLO's book How to file Ch.7 which guided me through the whole process and was a lifesaver - I recommend it to anyone trying to file pro se.

[AngelinaCatHub]

Welcome '7P'. First, you need to do nothing at all. You have it well in hand. It was they that are screwing themselves. "Half of something is always worth all of nothing".

Live in the place as long as possible. (Keep it insured). Look now for an alternative.

There is not more than I can say as you are sitting "pretty". 'Hub

EDIT: Yes, Nolo's book is great.

[7pancakes]

Thanks for the response!

It looks like my DH already got us a place to stay - his parents have an upstairs/attic apartment that is empty - that will allow us to get on our feet.(Swallowed my pride)

We will be staying here as long as possible, and luckily we'll have that apartment waiting for us when we need it!

Do you have an idea of how long it takes? Will it be similar to a foreclosure without bankruptcy, or will the Ch7 speed up the process? I've read Countrywide (BofA) takes a while.

[TBLTZ]

This has me worried that my lender will not reaffirm.... Im not late but still i don't want to lose my house.

[Rick9972]

This has me worried that my lender will not reaffirm.... Im not late but still i don't want to lose my house.

If the lender will not reaffirm and you are 1 day late with a payment, then the lender can and probably will foreclose.

For the OP, one important thing to remember is that your BK and Foreclosure are two entirely differant things and do not really influence each other.

Your BK 7 removes your personal obligation from the house. But BK does not effect the lien on the property.

Foreclosure is the formal process that "activates" the lien.

Thus the lender will have to go through the entire process to "foreclose" on your house.

[StartingOver08]

7pancakes, I don't know where you are, but here in S Fl Countrywide/BOA is taking forever to foreclose (minimum one year and I have seen 18 mths or more in some cases). You might want to look up the foreclosure cases in the public records of your county to see what an average timeline has been recently. You could start with the recent foreclosure sales and work backward to figure out a timeline. Use the time to your advantage - save as much as you can after your discharge before moving.

[humrc]

i have BofA as well for my mortgage. pls correct me if wrong. after bk if home is not re affirmed cant you still stay in the home if you continued to pay?