I am looking for a little advice. We had 341 meeting last week it was at that time the lawyer told us she had reaffirmation documents from mortgage company. She advised us not to sign. It is our intent to keep our home and continue making payments. I am unclear whether it is beneficial for us to reaffirm the loan? Does anyone have experience with this?
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It is not beneficial for you to sign a reaffirmation on a mortgage. In every State that I can think of, the only way for a lender to foreclose is for you to actually miss payments (or not keep hazard insurance). This is why we call it "stay and pay". So long as you pay, you can stay without threat of foreclosure.
The only advantage to you signing a reaffirmation agreement is the lender's advantage. Absolutely no advantage to you. Every advantage to the bank.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
This isn't even a close call. My initial response to the thread title was "don't do it!".
Follow your attorney's advice.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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We filed chapter 7, no asset four years ago & did not reaffirm, did the "stay & pay". Mortgage company advised us that as long as payments continued to be made everything would continue to stay as is. It's worked out fine, no issues at all.Comment
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