what about my house

[fatjay]

You must include your house with all your debt...I want to stay and keep my house...due to the fact that I have filed can the bank decided to take the house...or do i just continue to pay it and nothing will happen???

cant get ahold of my atty and this is a question that just popped into my head

[shark66]

If you're current on your mortgage, the bank will not foreclose.

If you're behind, they will.

For the most part, it's really that simple.

Good luck.

[tcreegan]

Hi fatjay!

Given the AZ housing market, if you are current a lender would have to be insane to foreclose!!

Ain't gonna happen, stay and pay and you will be OK...

Tom in Colo

[dneil]

But be sure to read about the reaffirmation aspect of Bankruptcy. Consensus here is to NOT reaffirm. Reaffirming mortgage debt is like jumping back in to a boiling pot of hot water...... This was the hardest aspect for me of bankruptcy. Thank God I found this forum to answer questions regarding it. My lawyer first advised me to not reaffirm and then I came here and seen that what my attorney was saying was true. Whatever you do, don't let the bank bamboozle you into reaffirming debt that you don't have to. Be sure to read the threads here on reaffirmation..... those threads are probably the most helpful and important (in my opinion) when deciding whether or not to reaffirm a mortgage debt.

Good luck to you

[fatjay]

Good information...thank you reaffirmation sounds like something I need to read up on

[discouraged]

Read the sticky - why reaffirming is a bad idea.

[tobee43]

But be sure to read about the reaffirmation aspect of Bankruptcy. Consensus here is to NOT reaffirm. Reaffirming mortgage debt is like jumping back in to a boiling pot of hot water...... This was the hardest aspect for me of bankruptcy. Thank God I found this forum to answer questions regarding it. My lawyer first advised me to not reaffirm and then I came here and seen that what my attorney was saying was true. Whatever you do, don't let the bank bamboozle you into reaffirming debt that you don't have to. Be sure to read the threads here on reaffirmation..... those threads are probably the most helpful and important (in my opinion) when deciding whether or not to reaffirm a mortgage debt. Good luck to you

reaffirm nothing....let them ride....

sign nothing......just in case in the future you lose your job....as this situation has proven you never ever know.....

[BobMango]

reaffirm nothing....let them ride....

sign nothing......just in case in the future you lose your job....as this situation has proven you never ever know.....

I agree almost completely with this, the one exception is that in some jurisdictions you must reaffirm a vehicle loan if you want to keep the vehicle. In those circumstances I'd only advise reaffirming the vehicle is you have equity and are close to pay off. In my case my credit union agreed to reduce my payment from $640 a month to $400 with no change in interest rate, but only if I reaffirmed. I had significant equity in the vehicle and was under 2 years to pay off so I went for it.

For a house, you would be insane to sign a reaffirmation. It does nothing to protect your interests and benefits only the mortgage holder.

[tobee43]

I agree almost completely with this, the one exception is that in some jurisdictions you must reaffirm a vehicle loan if you want to keep the vehicle. In those circumstances I'd only advise reaffirming the vehicle is you have equity and are close to pay off. In my case my credit union agreed to reduce my payment from $640 a month to $400 with no change in interest rate, but only if I reaffirmed. I had significant equity in the vehicle and was under 2 years to pay off so I went for it.

For a house, you would be insane to sign a reaffirmation. It does nothing to protect your interests and benefits only the mortgage holder.

caught me!! it should have read....HOUSE...as opposed to "nothing"...LOL!!!

OP...the bank has enough inventory....just keep paying and you should be fine...they cannot force you into a reaffirmation....our bank chase even tried AFTER the discharge........about a year or more later and after we "surrendered" the house...however, unlike you, we vacated and no intention of staying.

good luck, i'm certain you will be fine.

[kodiek]

We are in chapter 7 and are surrendering our main residence and two investment properties (scary, very scary) We did not reaffirm, nor will we, but would love to have a workout on one of the investments to have a place to live but am trying to wrap myself around the star-over concept(because at the moment all else is a pipe dream) Once houses are surrendered and discharged, what are obligations till foreclosure on properties???? Any help will be appreciated. Fortunately, I have many blessing--husband and I both working and we are in the 60 day club.

[tobee43]

We are in chapter 7 and are surrendering our main residence and two investment properties (scary, very scary) We did not reaffirm, nor will we, but would love to have a workout on one of the investments to have a place to live but am trying to wrap myself around the star-over concept(because at the moment all else is a pipe dream) Once houses are surrendered and discharged, what are obligations till foreclosure on properties???? Any help will be appreciated. Fortunately, I have many blessing--husband and I both working and we are in the 60 day club.

i beginning to believe it may never be two late....shoot...chase contacted us almost 3 years AFTER we vacated (we had already gone thru loan mod for over a year with no answer prior to filing)...and what do you know???? they call out of the blue and ask us or actually told us that our loan mod was reopened and would we like to work on it....LOL!!!!!! don't think so, since we moved 1700 miles away...

my point is...the banks are full of inventory...and maybe you will be able to work someone out with one of the properties....however, do not reaffirm during the bk process....wait until after..that way if, and let's not hope this...one of you loses your job or something happens your not obligated and if in the future you needed to, you could still walk away.

[fatjay]

WOW!! this forum only continues to impress me...at this point im thinking with all the information I have learned here I could have saved the 1800 bux and done this entire thing on my own...J/K...Im gald that reaff. was brought up...KNOWLEDGE IS POWER!!!!



Will the bank send me paper work at some point asking me to do this??

[tobee43]

WOW!! this forum only continues to impress me...at this point im thinking with all the information I have learned here I could have saved the 1800 bux and done this entire thing on my own...J/K...Im gald that reaff. was brought up...KNOWLEDGE IS POWER!!!!



Will the bank send me paper work at some point asking me to do this??

with us it was a phone call.....and it was AFTER the discharge of our bk....

also, there are times where the bank will contact your atty directly to see about a reaffirmation....but most all GOOD atty's will absolutely advise you against signing anything.

the best advise one can take...is pay and stay if you intend to keep or want to keep your house...ride it out and see what happens when the dust settles. most likely the bank will attempt to work with you...while sometimes they do not...however, you being in az.....one of the highest foreclosure states most likely you are in a good position to negotiate something with the bank to keep the house if you want to.

[fatjay]

It sounds like Im in a great position...If they call..should I ask well what can you do for me and then sign the reaff?

[shark66]

You should NOT sign the re-affirmation agreement whatever line of BS the lender decides to give you.

If my understanding of your position is correct, you've got absolutely nothing to gain by re-affirming, only the bank does.

Good luck.