Changing mind on reaffirming

[BAR]

I have done a search and cant find anything on this question below.

My lawyer filed chapter 7 for me and on the petiotion I stated that we were going to reaffirm the mortgage and a car loan. (341 was Feb. 16th)

Now that I found this site with all its advice on not to reaffirm and just ride through, I now want to do just that, ride through on both the house and car.

Question is, can I change my mind and if the mortgage company (Chase home finance) and car loan (Kemba credit union) both send reaffirmation agreements do I have to sign them? What happens if I dont sign them?

Another way to ask, am I stuck with having to sign the reaffirmations now that I said that I wanted them. Our discharge date is April 18th and we havent heard anything about the reaffirmation agreements from my lawyer ....yet.

[747LUVR]

Great question, I was wondering the same. We just signed the re affirm docs for our truck the other day, and havnt recv'd the one for our car yet (both have 10 more pmts left anyways)...but i was wondering the same if we didnt sign the re affirm papers what would happen. we're not delinquent or anything. we're current on our mtg, but we arent sign any re affirm docs for the house.

[gatekeeper]

Their is a time limit to back out of such agreement. If you don't sign the agreement, you may be able to ride through by making payments or the bank may force you to turn the property over to them. As for your car, just sign the reaffirmation agreement on that since you only have 10 payments left, unless there something wrong with the car.

[daylate]

I believe you can change your mind. I'm going to do a bit of research and see what i can find before one of the more experienced folks chime in.

Here is a link:

http://www.bkforum.com/showthread.ph...=reaffirmation

[BAR]

Thanks daylate good info on that link you posted.

I wonder what the experienced folk say too.

[chrisdfw]

I marked re-affirm on the petition, they never sent an agreement, I never signed one, and I still live in the house.

[newbie2]

Even if you did sign a reaffirmation you can rescind it within 60 days of the signing.

[Snax]

My understanding is that reaffirmation is simply not necessary on a mortgage if you are able to sustain payments on a ride-through, though it plays into one's favor to indicate an intent to reaffirm on the initial petition.

Cars are a slightly different story, where depending on state law and the bank, the lender may repo without a reaffirmation. Bottom line on that is that if you can afford and want to keep the vehicle, and would not be putting yourself upside down on the lien, it behooves you to reaffirm. They can't simply repo the car later without default, and you will be rebuilding your credit by continuing to pay off the loan.

We indicated intent to reaffirm on both the car and the house, have reaffirmed the car loan, and have not seen anything from the mortgage company - which we would not sign at this point anyway.