Reaffirmation advice from my attorney

[Lajazz947]

I love him. He is not one to be pushed around.

I got a reaffirmation agreement from Wells Fargo on my second mortgage.
It is rather biased ( no kidding ) in thier favor.

He said not to sign, to stall and he will ask them why his client should sign under a California statute when the new Obama plan may allow for Federal BK judges to mofify loans. The Federal law trumps the state law.

I had my 341 reset to March 12th.

Interestingly enough no reafirmation aggreement from my first mortgage.

I am waiting until March 4th to hear the Obama plan details before I call my first to see how they stand on modifications.

[albacore44]

i would not sign it based on what read on this forum, if you refuse, their not apt to forclose if your hose is upside down...........is it ?? I don't plan to re-affirn, and hopefully they settle on favorable language in Sb 61 by the time I file..............HELL BY THAT TIME THE BANKS WILL PROBABLY BE NATIONALIZED.

[Lajazz947]

i would not sign it based on what read on this forum, if you refuse, their not apt to forclose if your hose is upside down...........is it ?? I don't plan to re-affirn, and hopefully they settle on favorable language in Sb 61 by the time I file..............HELL BY THAT TIME THE BANKS WILL PROBABLY BE NATIONALIZED.

Interesting. I don't know if they would foreclose on an upside down house. That being said though there are thousands that have been foreclosed on but the people walked away so there was no choice there.

I don't think that I have any appreaciable equity if any in my house.

My attorney at first said that since I was borderline equity that I might sign to keep them off my back but now he read the onerous terms and the Obama plan and said to wait.

Question: If one does not reafirm does that give the bank the right to foreclose even if you are making payments and are current?

[Hope2009]

Interesting. I don't know if they would foreclose on an upside down house. That being said though there are thousands that have been foreclosed on but the people walked away so there was no choice there.

I don't think that I have any appreaciable equity if any in my house.

My attorney at first said that since I was borderline equity that I might sign to keep them off my back but now he read the onerous terms and the Obama plan and said to wait.

Question: If one does not reafirm does that give the bank the right to foreclose even if you are making payments and are current?

My lawyer in California asked me to reaffirm the mortgage if I want to use the mortgage payment as expense in my chapter 13 BK. Honestly I don't want to reaffirm as I plan to walk away a year from now for a better school location for my kids.

[albacore44]

well like HMM advised in another post, yes, but not likely, as they would have to buy out your 1st from that mort company. so why would they buy your 1st just to forclose on a house thats underwater ?? sounds senseless, But i'm not a bank. did your lawyer suggest you just ignore the reaff, and just do a ride through ??

[Lajazz947]

well like HMM advised in another post, yes, but not likely, as they would have to buy out your 1st from that mort company. so why would they buy your 1st just to forclose on a house thats underwater ?? sounds senseless, But i'm not a bank. did your lawyer suggest you just ignore the reaff, and just do a ride through ??

He told me to stall for right now until March 4th but we will see if he any new suggestions before then.