Reaffirmation denied.....now what??

[bc0kwri]

I filed Ch.7 March 2011....341 was held is April..which went really good. I expressed to my attorney that I wanted to reaffirm my 1st mortgage, but not the second mortgage. Looked on Pacer last night and the judge denied my reaffirmation stating "there was not a need to sign a reaffirmation" as long as the payments are current and taxes and insurance are current. I don't want to lose my home and plan on living in it for 20+ years. My father is the co-signer which have me very nervous. I want to know will my father be effected by my filings and will Wells Fargo try to forclose since the reaffirmation was denied. I'm current on 1st & 2ed mortgage. Also, when can I refinance to take my father's name off the mortgage.

Thanks

[747LUVR]

You are fine. Like the judge wrote, as long as your current, you wont loose the house, (esp with the 2nd being current too). Are you going to attempt to strip the
2nd lien however? You will not loose your house for not reaffirming. the banks dont want your house, you're prob upside down, and the bk courts cant force the bank to take a loss when you're upholding your agreement to make your mortgage pymts. dont sweat it!

[bc0kwri]

Thanks for your help! I don't know what you mean by "strip the 2ed lien? I plan on repaying both of them as I do today to not lose my home.

You are fine. Like the judge wrote, as long as your current, you wont loose the house, (esp with the 2nd being current too). Are you going to attempt to strip the
2nd lien however? You will not loose your house for not reaffirming. the banks dont want your house, you're prob upside down, and the bk courts cant force the bank to take a loss when you're upholding your agreement to make your mortgage pymts. dont sweat it!

[newbie2]

The judge did you a favor. Be thankful. If you keep paying you can keep staying :-) NOT reaffirming is the smart move. I don't understand why your attorney would not stop it prior to the judge saying "no". Reaffirming is not a good choice, let alone reaffirming a first mortgage and not the second as well. Makes no sense to me.

[scorpion35]

You are fine. Like the judge wrote, as long as your current, you wont loose the house, (esp with the 2nd being current too). Are you going to attempt to strip the
2nd lien however? You will not loose your house for not reaffirming. the banks dont want your house, you're prob upside down, and the bk courts cant force the bank to take a loss when you're upholding your agreement to make your mortgage pymts. dont sweat it!

u can't strip in a chapter 7 bk