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Do I have to reaffirm if I want to keep house?

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    #1

    Do I have to reaffirm if I want to keep house?

    I hope someone can help with this. I’m totally confused about reaffirming my mortgage. I was told that if I wanted to keep my home, I must reaffirm it.

    I called and spoke with my mortgage lender and he said that usually courts will not allow you to reaffirm your home but that as long as my mortgage is current (it is), they would not foreclose. He stated that my mortgage loan would continue as if I never filed bankruptcy.

    I’ve read in posts that by not reaffirming the debt, my credit report would not show the payments that I make each month. If that is true, I’m okay with that. Our plan is to sell the home in a few months. The market is good here , we do have equity ( protected by the homestead exemption), and can make our mortgage payment each month .We plan on taking the equity and purchasing a little place with cash. So getting another mortgage loan is not an issue.

    So will the courts take my home if I do not reaffirm? I have the same question for my car. I need to keep it, I can make the payment and what equity I do have is covered by the exemption. Can I keep it without reaffirming? I am in South Carolina.

    Date Filed: 06/01/2009 Pro Se
    341 Meeting: 07/14/2009
    Tags: None
    #2
    Great question, I am hoping you get some good answers.

    I have a mortgage and an auto loan with Ford Motor Credit that I want to keep. The rest is out of here. Still, I am confused on if I should re-affirm or if I should just keep paying them and hope nothing goes wrong.
    New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

    Comment

      #3
      It seems each district has their on rules but I reaffirmed my mortgage and the judge was fine with it. My car on the other hand I'm hoping to just ride through and keep paying on time. I don't really want to reaffirm it.

      My mortgage company wanted and pushed us to reaffirm which we are fine with.
      4/09 Converted to a Ch 7 due to loss in dh's income
      5/09 UST now involved no idea what happens next
      7/09 UST has decided to withdraw his motion to dismiss!
      7/27/09 DISCHARGED!!!

      Comment

        #4
        Originally posted by aces67 View Post
        It seems each district has their on rules ....
        Affirmative.

        I was ready to, Lawyer said no. Now I'm glad I don't have to.
        No Asset 7 closed 11/09

        Comment

          #5
          I am in NC and the atty said we did not reaffirm. Continue to pay the mortgage if you want to stay in the home. It really works the same...if you don't pay the mortgage, you will lose the home whether you reaffirm or not. By not reaffirming, you have an ace in the hand if something should arise and you can no longer afford to stay in the home.
          CH 7 Filed 6/26/09
          341 Meeting 7/27/09
          Last day for objections: 9/25/09
          When life gives you lemons, slice them and add to your Margarita!!

          Comment

            #6

            Who told you you must reaffirm? Often there is confusion on whether you must or you must list your intention. You only have 3 options: surrender, redeem or reaffirm and you have to choose one on Form B8. You're not locked in to any of them.
            Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

            Comment

              #7
              Originally posted by OhioFiler View Post
              Who told you you must reaffirm? Often there is confusion on whether you must or you must list your intention. You only have 3 options: surrender, redeem or reaffirm and you have to choose one on Form B8. You're not locked in to any of them.
              Sorry, no one "told me", I read that the 2005 Bankruptcy laws state that I must redeem the property or reaffirm. I know in some states, a creditor is prohibited from taking collateral if you are current on payments. I can't figure out if South Carolina is one of those states. I went to the State's web site but no luck. On Form B8 I checked "reaffirm the debt" . If I can keep my house and car without reaffirming, that is what I would like to do.

              Comment

                #8
                A South Carolina bankruptcy attorney was kind enough to answer an email I sent to The South Carolina Bar Association. He replied:

                The answer to your questions are simple. So long as you are making timely payments to the home and car lenders, and neither is requiring a reaffirmation, you do not have any worries. But if either sends a reaffirmation, you should complete and send back to lender. You may then be required to attend another hearing.

                My car lender sent an affirmation, so I will need to complete that. My mortgage company did not, so no reaffirmation. I hope this may help other filers in South Carolina. Thanks everyone for responding.

                Comment

                  #9
                  Originally posted by harvestmoon View Post
                  A South Carolina bankruptcy attorney was kind enough to answer an email I sent to The South Carolina Bar Association. He replied:

                  The answer to your questions are simple. So long as you are making timely payments to the home and car lenders, and neither is requiring a reaffirmation, you do not have any worries. But if either sends a reaffirmation, you should complete and send back to lender. You may then be required to attend another hearing.

                  My car lender sent an affirmation, so I will need to complete that. My mortgage company did not, so no reaffirmation. I hope this may help other filers in South Carolina. Thanks everyone for responding.
                  Not necessarily. Don't sign anything w/o talking with an attorney about your situation first.
                  Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                  Comment

                    #10
                    Originally posted by OhioFiler View Post
                    Not necessarily. Don't sign anything w/o talking with an attorney about your situation first.
                    My attorney told us to ignore any notices from the lenders to reaffirm and just let it ride through.

                    This might help me two fold:

                    1. We will be protected should something happen and we can no longer pay,they can foreclose with no recourse.

                    2. Or if they want me to reaffirm that bad then they can offer me an attractive loan mod to get me to sign.
                    If nothing else it wouldn't hurt to toss them that nugget and give them something to think about.
                    Filed July 7,2009
                    341 August 24,2009 (completed)
                    Discharged 10-28-09(Thank You Lord.)
                    Case closed 10-29-2009

                    Comment

                      #11
                      OK so here is my question.....if I am keeping my house and my car and I don't reaffirm, does the mortgage company and auto loan company ever know I filed?

                      I should find out the answers to my situation this afternoon at the meeting with the attorney.
                      New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                      Comment

                        #12
                        Originally posted by LSUTiger32 View Post
                        OK so here is my question.....if I am keeping my house and my car and I don't reaffirm, does the mortgage company and auto loan company ever know I filed?

                        I should find out the answers to my situation this afternoon at the meeting with the attorney.
                        They know.
                        Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                        Comment

                          #13
                          Originally posted by OhioFiler View Post
                          They know.
                          OK, so everyone is notified one way or another. If they choose not to force me to re-affirm I should be able to ride it through, correct?

                          In my little bit of time on here, I see horror stories about Ford Motor Credit. Are they going to give me a hard time on this?
                          New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                          Comment

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