BoA doesn't reaffirm house?

[Moneypenny]

Hi,

I read here someone saying that Bank of America doesnt reaffirm home mortgages.

So, even if you are slightly underwater they wont reaffirm you? so you have to give up the house? even if you have not missed a payment?

This is horrible. Someone please let me know about this first question.

What probably makes it a little better in my case is that BoA is second and third, and my employer is first and wont mess with me.

If #1 mortgage reaffirms, then can BoA do anything to me?

thanks for any knowledge you have about these 2 questions.

MP

[mama2three]

BOA does not do reaffirmation agreements. However, they will allow you to do a "ridethrough" or continue paying as normal to stay in the house.

[Moneypenny]

thanks!
so a ride-through, does that change your legal rights in any way? for instance if my house suddenly doubled in value, could I be forclosed on? or is it the same agreement that was always there before the bk?

[OhioFiler]

thanks!
so a ride-through, does that change your legal rights in any way? for instance if my house suddenly doubled in value, could I be forclosed on? or is it the same agreement that was always there before the bk?

Usually, you are in default when you file bankruptcy so the lender could foreclose at any time after your case is closed whether you maintain payments or not.

Practically, it is about as likely to happen if you maintain making payments as you winning the Powerball lottery twice in the same month. The bank doesn't want your property. They want you to pay the mortgage.

[Moneypenny]

I have never missed a payment on my secured debt. If that is the case, then are ride-thoughs the same as the original agreements I had with those lenders before the bankruptcy filing?

[OhioFiler]

I have never missed a payment on my secured debt. If that is the case, then are ride-thoughs the same as the original agreements I had with those lenders before the bankruptcy filing?

The thing that makes your mortgage different than your other debts is the lien recorded on your property. So long as it exists the bank has an interest in the property as you can not sell it without satisfying their lien.

All those other debts you have are gone with no recourse.