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

[MakinMeCrazy]

As most know we already REtained an attorney to file BK7.........well, this all has got me half crazy.....I want to keep our home and there are so many different postings about reaffirm...don't reaffirm....foreclose.....ride thru....so I finally decided to call Bank of America.....on friday.this is what the lady in the BK department told me,

I said.. "I am filing BK but want to keep out home, BUT I understand that BofA does NOT reaffirm.....I am in Ohio can you please clarify this for me?"

Her reply ......."Bank of America does NOT reaffirm BUTas long as you continue to make payments on time, you can stay in your home, our lawyers contact your lawyers, and again as long as your payment is NOT behind and you make your payments on TIME, BofA will accept them. in otherwords."you pay..you stay"

For our family this is GREAT news because we have 3 dogs very old.16...15 and 8 .their our children ...we could NEVER give them up. We're the only home they have ever had

[montana59451]

Had the same experience with B of A. Was told the same thing as you. We stated our intention to Reaffirm, since I was not comfortable with the "just make the payments, etc" line. I wanted to reaffirm for two reasons 1- to help re-establish credit and 2- then they could not play games. We had just gotten a permanent in house mod with them about 14 days prior to filing.

[Mi Bankruptcy]

Maybe in 2-3 years you can refinance through someone else?

[montana59451]

Don't really want to re finance as we got a great mod. I' afraid that interest rates would be back up by that time. If interest rates were down around 3% in a couple of years, maybe but too much hassle to go through again! Lord only knows where the economy will or won't be in a couple of years!

[Mi Bankruptcy]

I also thought about the same thing after I replied to your post. It also costs money to refi. I heard someone purposely was late on their mortgage to get the company to report on their credit report. LOL... don't think I would have the nerves to do that.

[Jackdog]

BOA is now my HELOC holder. I am planning on keeping house also. House is in my name but the HELOC is in my ex husband and my name. Ex agreed I'd keep this house and pay the HELOC myself (which I've done for almost 6 years.) I had no idea they didn't reaffirm. I'm in the same boat as you my dogs are my children. We can't have children of our own. So my dogs are my babies. We are currently rebuilding my boyfriends credit so we can eventually get married, sell this house in the future, and buy a home in the state we've wanted to live in for years.

[montana59451]

Why would the bank report late but not current? I would not have the nerve to be late on a non-reaffirmed mortgage!

[Mi Bankruptcy]

The theory was the bank would hound you as soon as you were late and that was their first offensive move prior to foreclosing. The person talking about this then said he paid the late fees and both months payment. Then when applying for another loan he used the negative proof that he was paying on the mortgage and the only reason it was late was because the payment was lost in the mail.

it sounded good in theory.. However, I don't know if he did this and it worked. One thing is it cost more to foreclose.. They can't foreclose if you pay them. So... he made the back payment plus his current payment.

[montana59451]

Kinda risky isn't it?

[JackBondLove]

The cynical side of me says that BofA will secretly take possession - or at least the legal option to take possession, but is more than willing to rent it out to you so long as you pay the note, keep up the insurance, etc. If down the road when you sell, if it is more than the remaining note, BofA would simply step in say that they officially own it, thank you very much. If it would be less, then BofA would simply take the loss. But since they figure that the loss in the future would be less than now, they figure that they can't lose.

[montana59451]

Well actually, you are relieved of the debt associated with the mortgage BUT the lien survives. IF it were to be sold for more than what is owed you would be entitled to whatever profit exceeds the lien. I just am not really sure that this is a legal way for B of A to do anything since we have stated that we WANT to reaffirm. Of course you can't talk to anyone other than a Village Idiot so.....

[montana59451]

Really waiting for someone to sue B of A over this issue! Have a feeling that they may be screwed.

[BCA2009]

The theory was the bank would hound you as soon as you were late and that was their first offensive move prior to foreclosing. The person talking about this then said he paid the late fees and both months payment. Then when applying for another loan he used the negative proof that he was paying on the mortgage and the only reason it was late was because the payment was lost in the mail.

it sounded good in theory.. However, I don't know if he did this and it worked. One thing is it cost more to foreclose.. They can't foreclose if you pay them. So... he made the back payment plus his current payment.

I'm not doubting that someone told you this (and did it), but the bank is not supposed to report anything other than thet the note was discharged in BK. You no longer have an obligation to pay the note so you can't be late on it. Maybe a bank did it, but if you wanted to you could dispute the late reporting.

[BCA2009]

Really waiting for someone to sue B of A over this issue! Have a feeling that they may be screwed.

I am not re-affirming my house note and hope I have no issues, but who knows what banks are going to do now days.

But I don't think the bank should be obligated to sign a re-affirmation, Just like I don't think the debtor should have to sign one.

From the banks perspective I just filed BK and appear not to be a very good credit risk, why should they be required to sign another agreement to the same terms that I am having discharged in BK.

[montana59451]

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.