Sort of reaffirmation questions.

[shoopy]

Having read the reaffirmation is bad thread, I am not exactly sure why it would be so in my case, I owe approx $40,000, the house is recently appraised at approx. $106,000 (down from $160,000 5 years ago ). But, since the popular consensus is to not reaffirm, I am leaning toward taking the advice and not reaffirming.

Then the question occurred to me, my wife is on the deed along with me, but not on the the mortgage note. If something happened to me, after not reaffirming, would my wife be allowed to keep making the payments as long as they were on time, or might some legal/mortgage weirdness happen.

Also, after ch 7 discharge, we were planing on making additional random mortgage principal payments. Since the bank will no longer be sending bills, or even talking to us after not reaffirming (my understanding), how does one keep track of how much they still owe, just kind of quesstimate?

[IBroke]

Having read the reaffirmation is bad thread, I am not exactly sure why it would be so in my case, I owe approx $40,000, the house is recently appraised at approx. $106,000 (down from $160,000 5 years ago ). But, since the popular consensus is to not reaffirm, I am leaning toward taking the advice and not reaffirming.

Then the question occurred to me, my wife is on the deed along with me, but not on the the mortgage note. If something happened to me, after not reaffirming, would my wife be allowed to keep making the payments as long as they were on time, or might some legal/mortgage weirdness happen.

Funny you're asking basically the same question I did earlier. I guess we are both talking about the legal consequences in case of a reaffirmed or discharged mortgage in regards to the Garner-St. Germain Depository Institutions Regulation Act of 1982. In my case, I'm living together with my mother and would take over the mortgage-payments - soooo......I asked myself what difference (if any) it would make if that mortgage would be reaffirmed or not when my mother files for CH7.

[shoopy]

Funny you're asking basically the same question I did earlier. I guess we are both talking about the legal consequences in case of a reaffirmed or discharged mortgage in regards to the Garner-St. Germain Depository Institutions Regulation Act of 1982. In my case, I'm living together with my mother and would take over the mortgage-payments - soooo......I asked myself what difference (if any) it would make if that mortgage would be reaffirmed or not when my mother files for CH7.

Huh, it is sort of the same question. I guess great minds think alike.

Before I was considering BK, my attorney told us that my wife would be able to make payments regardless, but this reaffirmation thing kind of got me thinking.

[IBroke]

Huh, it is sort of the same question. I guess great minds think alike.

Before I was considering BK, my attorney told us that my wife would be able to make payments regardless, but this reaffirmation thing kind of got me thinking.

Same here. No doubt the act applies if the mortgage is reaffirmed - but so far, I have no clue what happens if it isn't and how my potential - or in your case, your wife's - personal liability for the mortgage would or wouldn't be affected.

We have an appointment with an attorney next week and this will be asked for sure!