to reaffirm the house or not

[tcreegan]

Hi Detroit,

and I fall behind again, the mortgage company can say they don't have to help me (ie, refi, modification, etc) since I never signed the reaff

Just remember they already don't have to help you. Reaffirmation or not, if you get behind they can take whatever action is availabe to them, foreclose, short sale, modify, refinance, whatever they/you can negotiate and agree on. But w/ no reaffirmation you retain the ability to walk away...that can be used as a bargaining point.

Something to consider....

Tom in Colo

[Detroit]

Thank you, Tom. I appreciate it - you're right, they never did have to help. And I must say, the idea of having some leverage makes me smile inside. I'll definitely keep mulling it over (I have about 60 days!), although I'm starting to lean toward not signing...

Filed: 9/7/10
341: 10/13/10

[telco95]

Can someone explain what happens if u don't reaffirm, but decide you need to move 10yrs from now? What happens to all the equity in the house? Is it a normal sale?

Thanks

[Detroit]

I believe so. It's my understanding that not reaffirming but continuing to make your regular, contracted payments keeps the original agreement in place.

[tcreegan]

and I fall behind again, the mortgage company can say they don't have to help me (ie, refi, modification, etc) since I never signed the reaff

They don't have to help you no matter how you came out of the BK; reaffirmed or not.

I would be able to refi with another company, assuming I met all other conditions Basically pay off the current mortgage holder to release the title. Then figure out how to live on what you have left

Tom in Colo

[tcreegan]

Hi all,

If you don't sign a reaffirmation, you are bound by the original terms of the contract.
Whatever you could do before the BK, you will be able to do after the BK.

A singed reaffirmation agreement benefits the lender, not the debtor. Rarely a good option for a debtor.

Good luck to all,

Tom in Colo