Sixth Circuit Ride Through Help

[destitute]

Hello All,

I'm hoping someone can help me. I'm filing chapter 7 in the Ohio Southern District (Sixth Circuit) court this Friday.

I have been reading numerous threads about doing a "Ride Through" on a mortgage and I would love to take this route if it's available. I'm about $50,000 upside down in my house so if a ride through isn't available I'm tempted to surrender it instead.

Here's my question. Can anyone point me to case law that says that a "ride-through" on real property is allowed in the sixth circuit?

I've done so much research my eyeballs are about to pop out and everything I can find says no way is a ride through allowed but I've also seen posts from others in this circuit saying they are.

Thanks in advance for the help! If anyone is interested I'm posting a few links to research materials I have found online about this subject

http://files.ali-aba.org/thumbs/data...RICK_thumb.pdf

http://www.************************/2008/11/07/why-home-loans-are-not-reaffirmed/

http://www.usfn.org/AM/Template.cfm?...TMLDisplay.cfm

[music12]

if you don't have a lawyer, set up a consultation or two before you file and ask.

[TEW]

You aren't going to find case law on a ride through jsut like your not going to find case law saying it's ok to drive 60 MPH in a 55 speed limit.

[AngelinaCatHub]

Destitute: I've read your law pdf's, but here is the thing, whether your Judge says you cannot keep the house or you can does not mean that after your discharge (as long as you stay current) the mortgage holder will just not attempt an eviction. He does not want to babysit another empty house that is likely to get trashed as they often do. He wants your money. Even if you only stay in it a year, the mortgage company at least get a bit more money back and the house is safe. The Judge will not MAKE the mortgage company throw you out.

Yes it is better to ride through as in this crazy economy, who knows what may happen? You may have to stop paying due to a drastic down turn. If you reaffirm, then you are stuck and would be responsible for something you can't pay for and have no bk protection. I don't care what circuit court you are in, after discharge it is your business and the mortgage company's that they allow you to stay or not. 'Hub

[destitute]

Thanks everyone for the input. The reason that I'm asking is that the attorney says ride throughs are not allowed. I must reaffirm the house or surrender. I had heard different advice on the boards here.

I was actually able to find case law for other circuits but it appears that the 6th circuit flat out does not allow ride throughs. I know some may technically slip through the cracks but I was trying to find some precedent for being able to not reaffirm if the payments are current. I guess I can just hope and pray that my mortgage company doesn't send a reaffirmation agreement.

[OhioFiler]

Thanks everyone for the input. The reason that I'm asking is that the attorney says ride throughs are not allowed. I must reaffirm the house or surrender. I had heard different advice on the boards here.

I was actually able to find case law for other circuits but it appears that the 6th circuit flat out does not allow ride throughs. I know some may technically slip through the cracks but I was trying to find some precedent for being able to not reaffirm if the payments are current. I guess I can just hope and pray that my mortgage company doesn't send a reaffirmation agreement.

On your Schedule Individual Debtor's Statement of Intention you must choose Surrender or Retain. If you choose retain then you must indicate redeem or reaffirm. Choosing reaffirm is your intent but if you never actually reaffirm then you did a ride-through.

So you MUST choose to reaffirm but in many cases the lender won't even bother to prepare reaffirmation papers.

[destitute]

What do you do if you get into a situation where the first doesn't send reaffirmation papers but the Home Equity line does?

[ProjMgrNewb]

So, I don't know much about houses in a bk, but I do know about the Southern District in Ohio. That's where I filed my now imploded Chp 7.

If you are able to find a lawyer that will litigate anything for you in your bk based on what other circuits are doing, let me know. Most lawyers in this district refuse to do this.. even if you're paying them the $200 an hour they're asking for.

Just out of curiousity... are you below the median? If you're above, and in the S. District of Ohio, be prepared to have a US Trustee stuck up your rear and picking your case apart.

[destitute]

Hi ProjMgr. I read about your extremely crazy circumstances and I feel for ya! Hopefully things will get resolved soon. I am above means so I'll just keep my fingers crossed all goes well.

[OhioFiler]

What do you do if you get into a situation where the first doesn't send reaffirmation papers but the Home Equity line does?

Just because they offer a reaffirmation agreement doesn't mean you have to sign it or comply. It is rarely in your best interest to reaffirm a mortgage.

[destitute]

That's what I thought but my Attorney tells me that if they send one I am required to sign it.

[laurannm]

Our first mortgage sent reaffirm paperwork (2nd mortgage did not), but we didn't sign and are currently doing a ride-through (9 months and counting). It's business as usual