Statement of Intentions: mortgage

[shootme5150]

I'm sure this has been covered, but I haven't found anything via search. Just a quick one...

My home equity is less than my exemption, so how do I fill out the statement of intentions? I plan to retain my home under the exemption, but it doesn't sound like 'redeem' or 'reaffirm' is what I'm looking for. If it's 'other', would the court clerk be able to give me details, or do I need to contact an attorney (going pro se).

TIA

[Overmihead]

If you are using Federal exemptions, any amount of the homestead exemption (which is something like 22K if single & double it if married and filing jointly) in excess of your equity can be used to exempt other assets. But yes, if you plan to keep your house/keep paying the monthly mortgage as usual, you want to reaffirm (which is making an agreement with your mortgage company that you will continue to pay as in the original mortgage agreement). There has been some discussion on the board over whether or not most mortgage companies will reaffirm, but as long as you are not behind on your mortgage and continue to pay each month, most of them are going to be happy with that and let things continue as usual. Redeem is when you want to offer someone less than what you owe on something that you want to keep. For instance, furniture purchased on credit that you still owe $$ on...often you can redeem for less than you owe because they would rather take something than risk getting nothing and most do not want to repo used furniture.
Someone with much more knowledge than me will chime in I'm sure. I'm just summing up what I learned recently in my meeting with my attorney.

[BobMango]

We stated our intention regarding our primary residence was to "retain and pay". This is really not an option offered under the controlling law, but most jurisdictions accept it. It means that you intend to stay in the property and keep current on the loan, but not recommit to the loan. In most cases this allows you to keep the property until you sell or refinance, etc.

It might be worth a few dollars of PACER fees to research similar cases in your jurisdiction.

[keptdigging]

I have a variable mortgage that may (but won't necessarily) do unaffordable things in the future. And a second with a balloon payment in 6 years. It would be insane to reaffirm. But it's affordable now (and will be for at least another year) and I am current and definitely want to stay. Hoping I'll be able to renegotiate with the lender sometime after my case closes, or refi in 2 or 3 years.

But if I reaffirm I am on the hook, non-dischargeably, for the mortgages as written. That's the kind of thinking/optimism that got me here!

Definitely doesn't fit into any of the checkboxes.