Hi All,
Im sorry if this has already been answered but i have received a differing answer from my lawyer compared with what ive read on here and other legal blogs:
We live in Florida and want to do a "ride-thru" so to speak with our primary residence where we dont reaffirm and keep paying monthly and have a second mortgage that is charged off pre-BK-filing. By doing this we are hoping to stay in the property for a few more years until we are ready to move out of state. My questions to those who may have already been down this path are:
If we dont reaffirm and dont sign a reaffirmation agreement and keep paying,
1. does that give us the extra wildcard expention limits for cash-on-hand?
2. will the primary mortgage that we are still paying count towards the means test calculation?
3. Upon filing, since we are not reaffirming, are we required to move out of the property as my lawyer has stated?
4. If the source of my debts are mostly failed investmnet properties that have foreclosed or will foreclose, does that exempt me from the means test?
5. Will this absolve us from any legal issues in the future when we do finally walk away as we havent reaffirmed- ie.. being sued?
6. What is the likelihood that although we are still paying on the first loan, that they decide to foreclose during or post-BK?
Thanks for any and all help
Im sorry if this has already been answered but i have received a differing answer from my lawyer compared with what ive read on here and other legal blogs:
We live in Florida and want to do a "ride-thru" so to speak with our primary residence where we dont reaffirm and keep paying monthly and have a second mortgage that is charged off pre-BK-filing. By doing this we are hoping to stay in the property for a few more years until we are ready to move out of state. My questions to those who may have already been down this path are:
If we dont reaffirm and dont sign a reaffirmation agreement and keep paying,
1. does that give us the extra wildcard expention limits for cash-on-hand?
2. will the primary mortgage that we are still paying count towards the means test calculation?
3. Upon filing, since we are not reaffirming, are we required to move out of the property as my lawyer has stated?
4. If the source of my debts are mostly failed investmnet properties that have foreclosed or will foreclose, does that exempt me from the means test?
5. Will this absolve us from any legal issues in the future when we do finally walk away as we havent reaffirmed- ie.. being sued?
6. What is the likelihood that although we are still paying on the first loan, that they decide to foreclose during or post-BK?
Thanks for any and all help