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BK discharged before Reaffirmation filed?

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    #1

    BK discharged before Reaffirmation filed?

    We want to reaffirm the house, and the papers were sent to the mortgage company twice but we never got anything back. I just got our discharge notice in the mail, our BK is done.

    What happens now???

    I got papers on one of our cars but we decided to just ride thru on that one. We REALLY want the security of the reaffirmation with the house though.

    Can it still be filed even though the BK is discharged?

    Also - is it going to cause an issue if we just ignore the reaffirmation for the car?
    Last edited by cj0203; 12-29-2008, 03:38 PM.
    CJ
    341 on 8/3, determined NO ASSET
    60 day wait was over on 10/3/08. Discharged 12/23/08
    Tags: None
    #2
    Is your bk closed? That is important in your case. I believe you can reaffirm anytime, but why? In this day and age, you are either going to be able to pay your mortgage, or you won't. If things go really bad, and you can't you will not have an anvil over your head. If you can, ride it through also. Make an extra payment or two just to feel better. Always make a note on a check that it is an advanced payment, not principle only. If you pay ahead without that caviot, and miss a payment you are still late. If you make sure it is an up front extra payment for a partucular advanced month, then miss one, you won't be late. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

    Comment

      #3
      Originally posted by AngelinaCatHub View Post
      Is your bk closed? That is important in your case. I believe you can reaffirm anytime, but why? In this day and age, you are either going to be able to pay your mortgage, or you won't. If things go really bad, and you can't you will not have an anvil over your head. If you can, ride it through also. Make an extra payment or two just to feel better. Always make a note on a check that it is an advanced payment, not principle only. If you pay ahead without that caviot, and miss a payment you are still late. If you make sure it is an up front extra payment for a partucular advanced month, then miss one, you won't be late. 'Hub
      I just got notice that we are closed, yes.

      We just bought this house about 2 years ago, brand new. We plan on staying here and making additions/renovations and we don't want to risk losing it. We haven't missed a payment but I'm terrified that something will happen and we'll miss one and get kicked out. Do we still have ANY security without being reaffirmed?

      I have called my lawyer's office several times and they just don't call back. It's very frustrating!
      CJ
      341 on 8/3, determined NO ASSET
      60 day wait was over on 10/3/08. Discharged 12/23/08

      Comment

        #4
        Unless you are living in one of the few areas of the country where home value is still close to normal and homes are still selling, the last thing your mortgage company wants is another empty house sitting while they have to pay taxes and upkeep on it but can't sell it. Don't let your fear push you into doing something that isn't in your long-term best interests.

        Reaffirming the mortgage does nothing to protect you if you are late paying the mortgage. Your lender can still foreclose. All it does is tie a financial albatross around your neck that you can't escape if something unexpected happens and you find yourself in unexpected financial trouble again.

        Call your lawyer's office and get an appointment to see him/her face to face as soon as possible. Do not make a decision until you talk this over with your lawyer.
        I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

        06/01/06 - Filed Ch 13
        06/28/06 - 341 Meeting
        07/18/06 - Confirmation Hearing - not confirmed, 3 objections
        10/05/06 - Hearing to resolve 2 trustee objections
        01/24/07 - Judge dismisses mortgage company objection
        09/27/07 - Confirmed at last!
        06/10/11 - Trustee confirms all payments made
        08/10/11 - DISCHARGED !
        10/02/11 - CASE CLOSED
        Countdown: 60 months paid, 0 months to go

        Comment

          #5
          Originally posted by lrprn View Post
          ...Reaffirming the mortgage does nothing to protect you...
          True...the clear advantage from a reaffirmation goes to the lender. If your concerned about long term security, rebuild your credit for two years then do an FHA refinance.
          9/16/08 - Filed Chapter 7
          10/20/08 - 341 Meeting
          12/19/08 - Last Day for Creditor Objections
          1/5/09 - Discharge Order; 1/13/09 Case Closed!!!

          Comment

            #6
            I also gave quite a bit of thought behind this. I went through a log of "what if's" about the reaffirming my home. ( i.e. if I get sick and hospitalized after BK)

            To reaffirm home or Not reaffirm Mortgage - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
            http://www.bkforum.com/showthread.php?t=29878
            Everything related to Chapter 7

            Comment

              #7
              I talked to my lawyer's office and they said they sent the papers twice but that mortgage companies around here don't typically do reaffirmations.

              She said they won't try to "take" the house unless we default, just like they would if we did reaffirm. This just means if in the future we need to walk away, we are free and clear. And IF for some reason we have a problem in the future, we have proof that we tried to reaffirm twice and they never replied so the lawyer would have something to fight back with on that count.

              So we didn't reaffirm anything at all.

              Now I have to hope they keep reporting to the credit bureaus...
              CJ
              341 on 8/3, determined NO ASSET
              60 day wait was over on 10/3/08. Discharged 12/23/08

              Comment

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