I signed Form B27 (Chase reaffirmation) on November 5, not showing on PACER

[BKDebby]

(Form B27 looks like a generic reaffirmation form to me, it says US Bankruptcy Court at the top and the blanks are filled in with Chase, mortgage amount, etc.).

So this morning I give Chase Home Finance a call to ask if they received my mortgage reaffirmation which I signed at the lawyer's office on 11/5/10, and they told me they never received it.

I just called my lawyer - the secretary told me she did fax it to Chase on that date (I confirmed the fax number with her) - she told me she would re-fax it to them.

My 341 meeting was on 11/10/10, so my 60 days is up this weekend. I'm very worried and stressed over this. My mortgage is current.

If I don't hear from my lawyer today, should I just go over there tomorrow and confront him since my 60 days will be up Saturday or Sunday? I feel like they aren't on top of things and didn't do much to earn the legal fee. He was even 5 minutes late for my 341 - and guess who was called first!

[DebtEnder]

I would thank the attorney for failing to follow up. A reaffirm on a home loan is 99.99% of the time a bad idea. Even if you do re-affirm it is doubtful they will report on credit and will probably continue to screw up online access.

[BKDebby]

Sorry, but I want to reaffirm. Attorney won't be getting any thank you's from me. Mortgage cheaper than rent in my area. Stable job (been here almost 25 years) I want the security of knowing Chase won't want to take my home from me years from now when I have a lot of equity in it. My mortgage is not upside down like most others. I don't like turmoil in my life, and not reaffirming would cause me turmoil.

[justbroke]

Reaffirming a mortgage is a bad idea period! Under most State's non-bankruptcy laws, the lender cannot foreclose if you are current and continue to be current! A foreclosure can only happen due to a breach of contract terms in the Promissory Note and usually includes things like being late on your payment, not having hazard insurance, or not paying property taxes.

Let me repeat myself... there is no reason to reaffirm a mortgage in the majority of States! Not reaffirming doesn't cause turmoil! I'm still in my home, and I didn't reaffirm and my lender even told me that I didn't need to reaffirm. It is never a good idea to reaffirm a mortgage.

Alas, a reaffirmation agreement that is entered into prior to the discharge date is okay to be filed after the discharge is entered since the bankruptcy code reads that it must be "entered into" and not "filed" by the discharge date.

(See this thread on Why Reaffirming a Mortgage is a very very bad idea.)

http://www.bkforum.com/showthread.ph...-very-bad-idea.

[tcreegan]

Hi BKDebby,

The time for filing a reaffirmation is 60 days but the court does have discretion in allowing more time.

Fed. BK rule 4008 The court may, at any time and in its discretion, enlarge the time to file a reaffirmation agreement

Maybe have your speedy, vigilant attorney file for more time....?

Tom in Colo

[justbroke]

Tom, if the judge is on top of it, the judge will deny the enlargement of time and give his/her canned speech on how reaffirmations are silly when it comes to real property, and that entering one is never in the best interest of the debtor.

[tcreegan]

...probably right justbroke, even getting it filed on time doesn't mean the judge is going to approve it.

[BKDebby]

Hi, everyone...I spoke to my attorney this evening, he said his secretary had faxed it 11/5, and also today, and they were over-nighting the paperwork too...but he said for most of his clients he doesn't recommend reaffirming, just like most of you say here.

He also said that they are a bunch of snakes at Chase Bank, this isn't the first time they've lost reaffirmation paperwork.

Tonight I was thinking about what happens if I don't reaffirm or the paperwork never gets filed:

If I do a pay and stay, do I still get to deduct the mortgage interest when I file my tax returns?

[justbroke]

If I do a pay and stay, do I still get to deduct the mortgage interest when I file my tax returns?

Yes because nothing about reaffirmation or even a relief from stay or even your "intent" to surrender and actual surrender, changes your rights -- and responsibilities -- as a property owner! Unless and until the deed is re-titled to a new entity/person, you keep all rights of ownership including the right to deduct interest paid!

That's why reaffirming really doesn't do anything for you.

[BKDebby]

Thanks, Justbroke. I think I'm having a change of heart about reaffirming then. My lawyer told me the only thing I won't be able to do is refinance, but I already have a very good interest rate.

[justbroke]

Thanks, Justbroke. I think I'm having a change of heart about reaffirming then. My lawyer told me the only thing I won't be able to do is refinance, but I already have a very good interest rate.

I don't know why your attorney told you that. What it would do, is stop the reporting of that tradeline on your credit report, so it might interfere with getting a refinance, but shouldn't prevent one.

In any event, you are where you are now. If the reaffirmation paperwork is lost, I just wouldn't be too concerned about finding it... unless you negotiated new terms in the reaffirmation itself and it comes to a later showdown about what the status of the terms are.

[tyson24]

Hi, everyone...I spoke to my attorney this evening, he said his secretary had faxed it 11/5, and also today, and they were over-nighting the paperwork too...but he said for most of his clients he doesn't recommend reaffirming, just like most of you say here.

He also said that they are a bunch of snakes at Chase Bank, this isn't the first time they've lost reaffirmation paperwork.

Tonight I was thinking about what happens if I don't reaffirm or the paperwork never gets filed:

If I do a pay and stay, do I still get to deduct the mortgage interest when I file my tax returns?

BKDebby,

Chase lost my mod paperwork 2 years ago. I waited and waited and nothing. The docs were signed and I fed exed them. They lost them and that is why I am in Chapter 7 BK right now. Better for me I can see now, but i truly blame them for my demise in part.

Sorry this is happening and causing duress. I hope you get it figured out soon Chase is usually no help unfortunately.

[SunshineGal]

My lawyer told me the only thing I won't be able to do is refinance, but I already have a very good interest rate.

I don't know why your attorney told you that. What it would do, is stop the reporting of that tradeline on your credit report, so it might interfere with getting a refinance, but shouldn't prevent one.

.

I agree with Justbroke. In order to get a refinance you'll need to wait a minimum of 2 years and show proof that you have not been 30 days late on the mortgage. Since it won't show on your credit report, keep proof of EVERY payment you've made and the annual statements the lender sends every December, and it will satisfy that condition.

[calgirl67]

Why on earth would you ever sign a reaffirmation on ANYTHING? Bankruptcy is mean to free you from your debts, not wrap around new chains. You've ruined your credit file for 10 yrs for what gain? A few credit cards? Your attorney should have strongly advised against you doing this.