Just refinanced the mortgage.

[mbjr73]

I was trying to do a debt consolidation refinance on my mortgage to payoff all the CC debt, I used a CC to pay for the home appraisal it came back way under what I was expecting, so I went ahead and did a regular refi via USDA pilot program. I closed yesterday.

It lowered my payment 70.00 per month, but after redoing my budget I am still $90 in the hole each month.

I will be getting an escrow refund which will help with paying an atty to file chapter 7.

With the refi being just done and me filing in say 2 to 3 months from now affect my mortgage? I want to keep my home even though its underwater.

Thanks in advance.

[brokehmowner]

You still shouldn't reaffirm the mortgage. Just do pay and stay. You will end up checking off that you will reaffirm and keep the house but then don't sign an affirmation agreement.

[justbroke]

This will not affect your new mortgage, so long as it is properly recorded!

If you file within 90 days of a property transfer that requires perfection of a lien, such as a motor vehicle or home, the recording of the lien must be executed properly. Otherwise, a Trustee could step in as what they call a "judgment creditor" and void the improperly perfected liens and proceed to sell free and clear. The most important thing is that the lien is properly perfected!

As already stated, you should not reaffirm this debt in the bankruptcy. I strongly discourage reaffirmation not only that you are underwater but life happens! Your attorney should be able to do a "stay and pay" so that you can continue paying and keeping ownership, while discharging the debt.