Would someone be willing to look at my Expenses?

[tobee43]

is surrendering the same as not reaffirming?

in florida it is a bit different....you have

surrender and on the same line or retained

IF you are retaining the property you have to go a step further and check
redeem the property
reaffirm the property
other...for example, avoid a lien using 11 U.S.C. § 522 (r)...etc.

[jlynn275]

in florida it is a bit different....you have

surrender and on the same line or retained

IF you are retaining the property you have to go a step further and check
redeem the property
reaffirm the property
other...for example, avoid a lien using 11 U.S.C. § 522 (r)...etc.

I think my attorney said we can say we are planning to keep the home, but just never sign the reaffirmation. Whatever that means. My head hurts.

[debee]

It sounds like your lawyer is having you say that you will reaffirm, but then you won't. So you get to stay in the house as long as you can keep making payments without having to worry about any future deficiency if you decide to walk away. The form that tobee mentions is the actual statement of intentions, form B8, available here: http://www.uscourts.gov/uscourts/Rul...B_008_1208.pdf

[jlynn275]

Right, my concern is that we aren't making payments NOW. We will be 3 months behind when we file, so not sure how I can prove that we intend to stay and pay...esp once we don't reaffirm. She said something about telling them we are hoping for a modification so we have been unable to pay. Plus, I have to save for the attorney fees...maybe that would be a sufficient enough reason for us to have not paid for a few months prior.

[jlynn275]

The form that tobee mentions is the actual statement of intentions, form B8, available here: http://www.uscourts.gov/uscourts/Rul...B_008_1208.pdf

So this is NOT an actual reaffirmation then, correct?

[debee]

No, this is the statement of intentions. You state whether you're keeping it (retain) or surrendering it. If you're keeping it, then you state whether you will redeem (pay it off now), or reaffirm (sign a new loan agreement or reinstate the original loan agreement), you can also seek to have judgment liens lifted. It isn't the reaffirmation agreement. The lender would have to send a reaffirmation agreement and my understanding is that most don't even send one. Even if they do, you don't have to sign it or timely file it. Even if you did sign it, your lawyer would have to review it and sign off that it does not represent "an undue hardship". Most won't sign off because they open themselves up to liability. A judge would then have to sign off on it at a hearing. (Unless it's a credit union. They had better lobbyists and don't need judicial sanction of the reaffirmation). Most judges won't sign off either.

The "retain and pay" option isn't in the Bankruptcy Code post-BAPCPA. It's considered the unofficial 4th option.

[jlynn275]

The "retain and pay" option isn't in the Bankruptcy Code post-BAPCPA. It's considered the unofficial 4th option.

I don't know what this means?
I guess if we intend to retain, but don't sign the reaffirmation (should we receive one) our loan will still be discharged. Isn't this the best of both worlds?

[debee]

It just means that "retain and pay" isn't officially recognized as part of the new bk code, but people do it all the time.