Many fine answers here and maybe one for me!
I live in Michigan
I have a $95,000 mortgage that is underwater by about $30,000.
Wife and I are in our mid 50's
We plan to stay in the house until we pass
We are going into chapter 7 today and assume our mortgage holder (Indy Mac) will ask us to reaffirm. After the C7 we will have no problem making the payment. For peace of mind issues I would lean toward reaffirming as it would seem to be a more stable situation.
Could I use the possibility of reaffirming to ask for a lower interest rate or principle reduction?
Would anybody give me a little direction in this area? My head is still reeling at this moment and my decision making abilities are a bit clouded by the magnitude of the whole process.
Thank You
Al...
I live in Michigan
I have a $95,000 mortgage that is underwater by about $30,000.
Wife and I are in our mid 50's
We plan to stay in the house until we pass
We are going into chapter 7 today and assume our mortgage holder (Indy Mac) will ask us to reaffirm. After the C7 we will have no problem making the payment. For peace of mind issues I would lean toward reaffirming as it would seem to be a more stable situation.
Could I use the possibility of reaffirming to ask for a lower interest rate or principle reduction?
Would anybody give me a little direction in this area? My head is still reeling at this moment and my decision making abilities are a bit clouded by the magnitude of the whole process.
Thank You
Al...
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