Sister on the house loan and title with me BK7

[outofdebt201]

[justbroke]

I don't know that I would even re-affirm the debt. You may want to ask your lawyer about riding through.

[outofdebt201]

I'm sorry I'm lost, you wouldn't re-affirm the debt, ask my lawyer about ride through.

What does that mean, wouldn't reaffirm the house debt. I want to keep the house, and I can afford it. Plus what does ride it through mean?

Thanks for your help.

[scorpion35]

I'm sorry I'm lost, you wouldn't re-affirm the debt, ask my lawyer about ride through.

What does that mean, wouldn't reaffirm the house debt. I want to keep the house, and I can afford it. Plus what does ride it through mean?

Thanks for your help.

ride through means u don't reaffirm the mortgage when u file but continue making timely payments.as long as u make your mortgage payments on time u get to keep the house.if u ever decide that u no longer can afford the house u can just walk away clear and free and owe nothing

am i wrong?

[justbroke]

That's correct scorpion. By doing the "ride through" or "retain and pay", you can stay in the home and continue to pay on time. If you ever need to default, the debt itself is already discharged in the bankruptcy -- meaning you technically don't owe it but can pay it if you want to. The only recourse for the lender at the point you would stop paying, would be to foreclose. The lender would not be able to pursue any deficiency claim.

[outofdebt201]

Thanks for the information. I love my house, and can't believe it so affordable in my area. Will my sister need to be informed of my BK because of the house.

[SMinGA]

Yes. There is a place on the bankruptcy petition to list codebtors.

Thanks for the information. I love my house, and can't believe it so affordable in my area. Will my sister need to be informed of my BK because of the house.

[helpmeout]

That's correct scorpion. By doing the "ride through" or "retain and pay", you can stay in the home and continue to pay on time. If you ever need to default, the debt itself is already discharged in the bankruptcy -- meaning you technically don't owe it but can pay it if you want to. The only recourse for the lender at the point you would stop paying, would be to foreclose. The lender would not be able to pursue any deficiency claim.

Clarification: The lender will not be able to go after the OP for any deficiency. The lender can go after the sister.

And the sister can petition the court to sell the house so that her credit isn't impacted should her sibling not pay the mortgage. And she would have a very good chance at winning her argument should the OP not reaffirm the mortgage. Just one more thing to think about.