Stressing out again! Need some serious help!

[Freddy03]

Ok I'm hung up on this re-affirm or not to re-affirm the house. Please don't tell me I should be just surrendering the house because I have did the pros and cons for my family and my situation and I need to stay in my house for at least 6 or more years.

I checked and got some actual numbers on my house last night and it looks like I'm about 85K underwater. Right now my mortgage payment is manageable b/c I'm not paying credit cards and it is not over 31% of our monthly income.

What I'm stuck on is these scenarios:

1. We do NOT re-affirm the mortgage and just keep paying on time every month. Say in 5 or 10 my house actually has some value in it well what stops Wells Fargo to say "Oh we want the house now" and start the foreclosure process?

2. We do re-affirm the mortgage and god forbid something happens and we can't pay the mortgage or we need to move and can't sell the house. I'm stuck with the deficiency.

3. We do NOT re-affirm the mortgage and are a few days late and Wells Fargo starts the foreclosure process. On another forum I heard about one person losing their house b/c they were less than 30 days late.

Also I was told (on another forum) that I should not be even a day late on my mortgage at the time of filing b/c Wells Fargo would probably file to lift the stay and start the foreclosure process.

I slept probably 2 hours last night because of all this crap. Any advice or suggestions - please

[AngelinaCatHub]

Freddie, you are pretty sharp from what I've read in other posts. You have answered your own question right well in this post. Don't reaffirm, you know not the future of your job, nor anyone else. Pay ahead one payment, make sure it is noted on that payment it is an advanced payment, NOT applied to principle only. OR, better yet, have an emergency cash fund that you could run down and pay in person for any reason you deem yourself going to be late. Write of the existence of that emergency fund in your own mind.

In fact you should save a bit anyway for all emergencies but not so much as to become an asset. Pay through Freddie is my advice and opinion. 'Hub

[tobee43]

Freddie, you are pretty sharp from what I've read in other posts. You have answered your own question right well in this post. Don't reaffirm, you know not the future of your job, nor anyone else. Pay ahead one payment, make sure it is noted on that payment it is an advanced payment, NOT applied to principle only. OR, better yet, have an emergency cash fund that you could run down and pay in person for any reason you deem yourself going to be late. Write of the existence of that emergency fund in your own mind.

In fact you should save a bit anyway for all emergencies but not so much as to become an asset. Pay through Freddie is my advice and opinion. 'Hub

hub is giving you excellent advise.

freddy....it's like going shopping and trying on 200 dresses and only needing one...getting SOOOOO confused and can't remember which one was the best....

(personally, i HATE shopping....so if i had too...i would try on 2 and if i didn't like either i would be done and go with something old)...same with advise.....

the point i'm making here is i read the other thread....you get many answers but only YOU know what's right for you.

you have a low mortgage....you have equity....you WANT to stay, from what i have read....do what is RIGHT for you!!!

follow hubs advise...put a bit aside...if you intend to keep the house...keep paying...if you don't stop now.

once again ONLY YOU can make the decisions that are RIGHT for YOU and YOURS....and feel right...but think with your head and NOT your heart. it's hard i know...

you'll make it through this just fine! i know it!

[Freddy03]

Thanks Hub and Tobee

I'm just making myself sick over this. I don't have equity in the house - I'm just so worried that what if I do "eventually" ever get equity in the house and did not reaffirm it Wells Fargo says "see ya" we are taking the house back.

I'm only trying to think of the future. I guess you can say I am emotionally involved in the house well not the house but the location itself. And if I were to ever lose the house then I guess my BK won't be a big secret.

If I can hold onto the house for at least 10 years then I would be ok with letting it go. The kids would be out of high school so moving wouldn't be much of an issue. I guess I need to sit down with the husband tonight and make a decision on what we want to do.

I'm just wondering if anyone here has any experience with a "stay and pay" after they have equity and have been paying for a few years now.

[ccsjoe]

Freddy, after what Hub and tobee said I have nothing to add. Excellent advice, I know stressing is natural, but there's no need for it.

[tobee43]

Thanks Hub and Tobee

I'm just making myself sick over this. I don't have equity in the house - I'm just so worried that what if I do "eventually" ever get equity in the house and did not reaffirm it Wells Fargo says "see ya" we are taking the house back.

I'm only trying to think of the future. I guess you can say I am emotionally involved in the house well not the house but the location itself. And if I were to ever lose the house then I guess my BK won't be a big secret.

If I can hold onto the house for at least 10 years then I would be ok with letting it go. The kids would be out of high school so moving wouldn't be much of an issue. I guess I need to sit down with the husband tonight and make a decision on what we want to do.

I'm just wondering if anyone here has any experience with a "stay and pay" after they have equity and have been paying for a few years now.

freddy, correctly if i'm wrong, but it's your payment like $600 including taxes etc.?


can you rent a place for less...NOT here for certain. so you need to weigh things out.

it may be a "too new scenario" to find many that can advise you on the actual results of the "stay and pay" situation.

also, many that answer you, may not exactly grasp the children situation....the stability for them...changing schools etc...all of that needs to be weighed strongly as far as i'm concern.

[tyson24]

Freddy, i live in a community that I would never leave. There are no houses or really rentals for that matter in my community. We have the best schools and my kids have lived here since birth. I get what you are saying. If you do not want to move, don't.

I hope you get to keep your house.

[Freddy03]

LOL I wish my payment was $600 a month. It's $1600 not including taxes and insurance.

I did check my school district for rentals houses compared to my house the rent was about $1400-$1500 or so. So for the extra $300 (this includes taxes and ins) I'm ok with staying in this house.

In a perfect world I would love to say in my house for about 10 years and then maybe by that time I could sell it or just walk away and rent a townhouse or something when the kids are done with school.

I just don't want the threat of maybe one day they would kick us out because we did not re-affirm the house.

Also if someone re-affirms the house could you possibly change the terms of the loan (ie: lower interest and life of the loan)? If I could lower my interest and possibly lower my payments then I prob would re-affirm the house and stay there forever.

I tried to do a HAMP mod and we didn't quailfy b/c we are just at 31% ratio.

[tobee43]

LOL I wish my payment was $600 a month. It's $1600 not including taxes and insurance.

I did check my school district for rentals houses compared to my house the rent was about $1400-$1500 or so. So for the extra $300 (this includes taxes and ins) I'm ok with staying in this house.

In a perfect world I would love to say in my house for about 10 years and then maybe by that time I could sell it or just walk away and rent a townhouse or something when the kids are done with school.

I just don't want the threat of maybe one day they would kick us out because we did not re-affirm the house.

Also if someone re-affirms the house could you possibly change the terms of the loan (ie: lower interest and life of the loan)? If I could lower my interest and possibly lower my payments then I prob would re-affirm the house and stay there forever.

I tried to do a HAMP mod and we didn't quailfy b/c we are just at 31% ratio.

wellllll...i GUESS i was just hoping your payment was $600....i just left out the 1.....LOL!!!

yes...maybe you can renegotiate the loan and get it down.

your not staying for the reasons that many may...it's more complexed than that...so i would look at working with the bank and seeing if they could lower the interest rate or payment etc. i'm certain they most likely DO NOT want another HOUSE back!!!

[keepinitreal]

My sister filed for bankruptcy several years ago and she re-affirmed her mortgage. She's having income problems now, and there will be a Sheriff's Sale next month on her house. Unfortunately my sister will be liable for the deficiency.

Because of what's happening to my sister, I did not re-affirm my mortgage when I filed bankruptcy.

Good luck with whatever you decide!

[tobee43]

My sister filed for bankruptcy several years ago and she re-affirmed her mortgage. She's having income problems now, and there will be a Sheriff's Sale next month on her house. Unfortunately my sister will be liable for the deficiency.

Because of what's happening to my sister, I did not re-affirm my mortgage when I filed bankruptcy.

Good luck with whatever you decide!

PERFECT example of what can happen....


and you know keepit....it JUST occurred to me that even tho we have been out of our house for 2 years chase refuses to foreclose on the property...we vacated the premises over 2 years ago....the mortgage was discharged and CHASE whats us to apply and even claims although it never happened that we RE applied for a loan mod after the discharge....

what liars...that's because and you hit the nail RIGHT on the head....in the state that property is located in we would be responsible for the difference...in this case that could be approx 350k...PLUS fees if we did do the loan mod and ended up a year later having financial problems like your sister did.

what a BANK scam!!!! i'm sorry for your sister...

[keepinitreal]

My sister filed for bankruptcy several years ago and she re-affirmed her mortgage. She's having income problems now, and there will be a Sheriff's Sale next month on her house. Unfortunately my sister will be liable for the deficiency.

Because of what's happening to my sister, I did not re-affirm my mortgage when I filed bankruptcy.

Good luck with whatever you decide!




PERFECT example of what can happen....


and you know keepit....it JUST occurred to me that even tho we have been out of our house for 2 years chase refuses to foreclose on the property...we vacated the premises over 2 years ago....the mortgage was discharged and CHASE whats us to apply and even claims although it never happened that we RE applied for a loan mod after the discharge....

what liars...that's because and you hit the nail RIGHT on the head....in the state that property is located in we would be responsible for the difference...in this case that could be approx 350k...PLUS fees if we did do the loan mod and ended up a year later having financial problems like your sister did.

what a BANK scam!!!! i'm sorry for your sister...

JANITORIAL?? lol!

[Freddy03]

Ok so I had the talk with the hubby last night and things went a lot better than I thought

This is our plan - we will NOT re-affirm our house. We will "stay and pay" for as long as we can or until we have some equity in the house. If we ever get any equity (which I highly doubt) then we would try to sell. If we can not sell we would let the house go. Stay as long as we can and then try to find a nice townhome to rent. Maybe in the future (10 years) we would buy a townhouse. My husband doesn't want to buy another house again.

We are going to file mid Nov - yes my mortgage will be 3 weeks late.

So I'm not stressed out anymore. We are on the same page Have a great weekend everyone!

[tobee43]

Ok so I had the talk with the hubby last night and things went a lot better than I thought

This is our plan - we will NOT re-affirm our house. We will "stay and pay" for as long as we can or until we have some equity in the house. If we ever get any equity (which I highly doubt) then we would try to sell. If we can not sell we would let the house go. Stay as long as we can and then try to find a nice townhome to rent. Maybe in the future (10 years) we would buy a townhouse. My husband doesn't want to buy another house again.

We are going to file mid Nov - yes my mortgage will be 3 weeks late.

So I'm not stressed out anymore. We are on the same page Have a great weekend everyone!

freddy....you are doing the RIGHT thing by sitting down and planning your future together. making the BEST decisions for YOUR situations. now that you have do NOT second guess yourselves....

move onward and forward...and have a great weekend too!

[tcreegan]

Hi freddy03,

If it is any comfort, I have seen several posts on how easy it was to deal w/ WF on a mortgage (the opposite in bank accts) Folks did the stay and pay and WF had no problem with it.

Best to you in your decision,

Tom in Colo