Just wanted to share my Bank of America experience...

[keptdigging]

I have read in many places that the bank CANNOT foreclose if they're getting paid (but that this did not apply to other secured debts such as vehicles.) But that might be just California.

As a practical matter there is no way a bank is going to foreclose if they're getting paid. Why? The same reason I'm getting sued on CCs at just over 90 days. They are trying to make as much money as they can. Collecting timely payments makes them a lot more money than trying to foreclose.

What a bank truly wants is a reliable stream of payments (that come in 1 day late so they can hit you with a late fee) processed by their computers without any expense or trouble. A nice lucrative performing asset that can be managed along with a million others on their computers.

Foreclosures are not profitable for banks.

And these days they're swamped in mortgages that don't fall into the easy lucrative category.

[BCA2009]

B of A actually told me that while they do not reaffirm in writing, they do continue to report and they consider continued payments to BE the reaffirmation agreement. Well I don't really see how that works for them which is why I am anticipating that there could be an issue in the future regarding this.

I certainly don't doubt that they are telling people that. But if they were to report me as late, I'll be disputing it.

[keptdigging]

I have read in many places that the bank CANNOT foreclose if they're getting paid (but that this did not apply to other secured debts such as vehicles.) But that might be just California.

I just retained an attorney who quite unsure about the scope of the Ford Creditor decision here in the 9th district. So consider the above statement to be rescinded.

But she absolutely doesn't recommend reaffirming. She also pointed out, however, that if your loan isn't everything you need it to be until your house is paid off, you'll eventually be refinancing and be back on the hook personally (without the Ch7 safety valve for 8 years.) She's big on trying to get mods with current lenders.

I guess this is the next step after I push the big red Chap 7 button on my unsecureds.