Including home in Chapter 7 - In Miami, FL

[Jorge]

I am thinking about filing a chapter 7. I went to see an attorney who stated that I have to include my home when filing for chapter 7. I have two mortgages on my home that is totally underwater, but still paying both loans. The question is: what happens with my home if I don't reaffirm and keep on paying for it? I know that once the bankruptcy is discharged that the two mortgages will show in my credit report as $0 balance.
Also, If I keep paying will the bank (Bank of America) foreclose on the property anyway? What has been the experience for the forum members? Thanks.

[AngelinaCat]

As long as you are current on your payments, you do not need to reaffirm, but keep paying as you usually do, on time and in full, and you are doing what is variously called a 'ride-through' or a 'stay-and-pay'.

Welcome to the forum.

Read this thread for more info:

http://www.bkforum.com/showthread.php?62833-Why-reaffirming-a-mortgage-is-a-very-very-bad-idea&highlight=reaffirming+mortgage

[jst4f]

Everything you own or owe must be included in the BK. No exceptions. Not sure where you are in FL so I would read some posts from you area regarding your house. Declaring "stay and pay" should prevent the TT from trying a carve out. Is FL one of those states where the house is fully exempt? Check with several attorneys before filing so that you are comfortable with the BK process, possible outcomes, and your attorney. Best of luck. Owen

[pamkev]

We filed a chapter 7 and our lawyer told us NOT to reaffirm that home just keep paying each month as a stay and pay. Our bank did not foreclosed never heard a peep from them and we still have a checking ad savings account with them. We live in Pa so you need to check with what FL does

Pam

[TBA]

If your upside down on your first you may also be able to use the mcneil case to strip the second - something new that actually started down there. Check with your attorney on the details.

[IBroke]

If your upside down on your first you may also be able to use the mcneil case to strip the second - something new that actually started down there. Check with your attorney on the details.

I simply LOVE this ruling..

Don't know, however, if it also/already works in the Miami area but the attorney should know for sure.