Re-affirmation of Mortgage with Citimortgage Inc.

[freshstart36]

I want to re-affirm my 1st mortgage. I filed Chapt 7 on 11/6 in Richmond, VA. The mortgage loan is in my name and my ex husbands name. I am the only one filing bankruptcy. I have had no contact with him in over 2 years. The house was signed over to me in the divorce property settlement agreement. My question is if I request an affirmation agreement, are they going to require his signature in addition to mine, even though he is not filing bankruptcy. I am worried because I don’t know where he is.

My lawyer put on the bankruptcy petition as "other-will continue to pay" It didn't state surrender or re-affirm. Not sure what this means. I just don't want to loose my home.

I also have a 2nd mortgage which I will continue to pay, same situation with ex-husband being on the loan.

Also, who determines whether you can do a ride through or have to do a
re-affirmation.

Thanks for everyones help

[justbroke]

They can't require his re-affirmation, as he is not a joint petitioner in the Bankruptcy. What you lawyer is indicating with "other-will continue to pay" is known as the "ride-through".

This is an excellent thing for you. What happens is that the loan itself is discharge when you receive your discharge from the Chapter 7 Bankruptcy. You wil no longer be "personally" responsible for the loan (although your ex may be, but that's nothing for you to worry about). What also happens, is that you continue to pay the mortgage on-time and you will not be foreclosed upon! The bonus is that should you ever choose to walk-away... you just do that. You have no financial obligation to the lender. They cannot come after you, should you walk-away and they foreclose, for any deficiency caused by the subsequent foreclosure!

[freshstart36]

Re-affirming

That sounds like great news to me. So they cannot force me re-affirm, is that correct? And if I do not re-affirm and I keep my payments current, can they still force forclosure?

They can't require his re-affirmation, as he is not a joint petitioner in the Bankruptcy. What you lawyer is indicating with "other-will continue to pay" is known as the "ride-through".

This is an excellent thing for you. What happens is that the loan itself is discharge when you receive your discharge from the Chapter 7 Bankruptcy. You wil no longer be "personally" responsible for the loan (although your ex may be, but that's nothing for you to worry about). What also happens, is that you continue to pay the mortgage on-time and you will not be foreclosed upon! The bonus is that should you ever choose to walk-away... you just do that. You have no financial obligation to the lender. They cannot come after you, should you walk-away and they foreclose, for any deficiency caused by the subsequent foreclosure!

[justbroke]

That sounds like great news to me. So they cannot force me re-affirm, is that correct? And if I do not re-affirm and I keep my payments current, can they still force forclosure?

If you are current on your payments, no. (This is based on State non-bankruptcy law.)

[laurannm]

Just to add my experience (and maybe put your mind at ease if there are any concerns with a ride-through), we also have 1st mortgage with Citimortgage. Our lawyer placed on our petition the same that he put on yours ("Debtor will continue to make payments"). Citi still sent over reaffirm paperwork, but we didn't sign it and have been happily riding-thru for over a year now. Other than the fact that you loose online access via their web site, it's been business as usual.

[freshstart36]

Thank You

Thank you for sharing that with me. It does put my mind at ease tremendously!

Just to add my experience (and maybe put your mind at ease if there are any concerns with a ride-through), we also have 1st mortgage with Citimortgage. Our lawyer placed on our petition the same that he put on yours ("Debtor will continue to make payments"). Citi still sent over reaffirm paperwork, but we didn't sign it and have been happily riding-thru for over a year now. Other than the fact that you loose online access via their web site, it's been business as usual.