Mortage options?

[jvm]

At our consolation app..we told we lawyer we want ton keep the house. And they said ok. They also said they dont do reaffirmation on homes...which we dont want to do anyway. So my ? Is...is it my mortgage co decision if they let us stay and pay? what factors their decision? And what if they dont?

[mcordry]

i don't have any answer but I will be interested in what someone else has to offer... i am in Georgia also and want to keep my house with reaffirming also.

[mcordry]

sorry.... that is without reaffirming

[bcohen]

Mortgages are very different from vehicle loans, which allow the creditor to repossess if not reaffirmed--even if paid current. Mortgage lenders CANNOT foreclose solely because you have discharged the note in bankruptcy. As long as you continue to pay the mortgage each month, the lender CANNOT refuse your payment, and once the loan is paid off, they must release their lien on the deed.

[ValleYum]

Why would they not happily continue taking your money if you are current (and if your contract that you signed when you bought your home doesn't show filing BK as a 'triggering event' that placed you in default and calls the entire note due and payable immediately)?

I can not recall anyone on here since I joined that did NOT sign a reaffirmation and that kept their payments current that had any issue at all with their mortgage company happily continuing to take their money.

[jvm]

Thats all I wanted to know . I dont have any clue. Everything I read keeps going back to reaffirm. And I don't want to do that. And im not late on anypayments.

[ValleYum]

Thats all I wanted to know . I dont have any clue. Everything I read keeps going back to reaffirm. And I don't want to do that. And im not late on anypayments.

This is SUCH a confusing time for you, too! Oh, yes, I remember it well! The learning curve in filing BK is HUGE!

Good luck!!!

[ValleYum]

PS: Did you see this thread?? http://www.bkforum.com/showthread.ph...-very-bad-idea

[jvm]

This is SUCH a confusing time for you, too! Oh, yes, I remember it well! The learning curve in filing BK is HUGE!

Good luck!!!

THank!)

[jvm]

Thanks to you all! We have our filing appt. today and everything went well. We are keeping the house with no reaffirmation. WHoo Hoo! So far so good..Now, hmmm since we are surrending the van, can we cancel the insurance on it , if we plan to park it and not drive it?

[keepmine]

Thanks to you all! We have our filing appt. today and everything went well. We are keeping the house with no reaffirmation. WHoo Hoo! So far so good..Now, hmmm since we are surrending the van, can we cancel the insurance on it , if we plan to park it and not drive it?

You should at least keep whatever minimum liabilty insurance your state requires until it's out of your hands.

[jvm]

PS: Did you see this thread?? http://www.bkforum.com/showthread.ph...-very-bad-idea

Thanks i did

[jvm]

You should at least keep whatever minimum liabilty insurance your state requires until it's out of your hands.

Ok thats what we will do then, thank you!

[AngelinaCat]

If you are surrendering the van, why not go ahead and make an appointment with the lender to have it picked up? That way it will be out of your name sooner, rather than later, and can save on the insurance.

If you decide to do that, take pictures of the van both inside and out and document its condition both inside and out. Have the person picking it up do a 'walk around' with you and your clipboard, and point out any dings and scratches that may exist. Have that person sign the paper acknowledging the condition it was in when it was picked up. This will protect you in the event that something happens on the way to the storage lot where the van is damaged, and the lender tries to blame you for it.

ETA: When you take these pictures, have the front page of the day's newspaper--even if you have to go and buy one--in at least one of the pictures so that the banner and the front page picture ls in view. This puts a 'time stamp' on the pictures that cannot be challenged.

[keepmine]

If you are surrendering the van, why not go ahead and make an appointment with the lender to have it picked up? That way it will be out of your name sooner, rather than later, and can on the insurance.

If you decide to do that, take pictures of the van both inside and out and document its condition both inside and out. Have the person picking it up do a 'walk around' with you and your clipboard, and point out any dings and scratches that may exist. Have that person sign the paper acknowledging the condition it was in when it was picked up. This will protect you in the event that something happens on the way to the storage lot where the van is damaged, and the lender tries to blame you for it.

ETA: When you take these pictures, have the front page of the day's newspaper--even if you have to go and buy one--in at least one of the pictures so that the banner and the front page picture ls in view. This puts a 'time stamp' on the pictures that cannot be challenged.

An even better idea!