Tic toc

[fyi2]

Hello all
The time is here to file and i am unsure of the mortgage situation
I have to have an answer at signing right...to surrender or not that is the question

*If i include the mortgage in the bk then I won't have the oppertunity to work with the bank and i will not get the payment on the means (1st & 2nd)

*If I ReAffirm and if the bank does not meet me half way I could be stuck in a bad situation for a long time with no way out

I wish i had more time to see what the bank would do BUT i really am ready to file

Any Thoughts

[frustrated7]

I'll answer your questions as best I can, but others on here probably know more about this one than I do.

When you file BK you have to indicate whether you intend to reaffirm or not. However, you do get a period where you can change your mind afterwards...I think it is 60 days to change your mind and not reaffirm.

What exactly are you trying to get your bank to agree to change? Are you current on your mortgage payments?

Also, as far as I know, you still include housing expenses on the means test. You will have to pay to live somewhere, whether it is in house you have a mortgage on or rent to someone else.

One thing I can say is that if you don't think you can make your payments, then don't reaffirm. Don't sign the reaffirmations unless you can make the payments.

The best piece of advice I can give is to set up a few free consults with bankruptcy attorneys in your area. They can answer your questions and help you decide what your options are.

I'm sure others on here know more about this than I do. Good luck and let us know what you decide to do.

[fyi2]

Thank You
I didn't realize you still had time to withdraw a reaffirm/not reafirm decision once filed
That does give a little more time
I would get a housing allowance on the means eitherway but not the payment for the 2nd if surrendering

I am behind 1 month on both and my house is over ..way over.. what it is worth so it really would not be wise to keep it UNLESS the mortgage company would rework my loan in my favor.. i have heard they have been doing just that SO I am thinking .. maybe?

I think that I will continue to pursue the bank and plan to reaffirm...then if it looks like they wont budge I will let it go.. does the trustee rework the numbers once you withdraw the reaffirm?

Thanks Again

[DeadManCrawling]

I believe it works like this:

In the paperwork there will be a question that asks if you intend to reaffirm. Answering YES is only an indication of your desire to reaffirm and is NOT legally binding.

If you do in fact reaffirm later, there will be much more paperwork than that simple question, and you can decline at that time, if you have not reached a satisfatory resolution with the bank.

This is my recollection, if I am wrong, I hope someone else will correct me.


-DMC

[MichiganMan]

Called Countrywide/ BOA Friday.

Asked why they have not taken out my monthly payment that we had to re- setup because of the filing. They said woops and fixed the problem. I asked them when they were going to send the reafirm paperwork to my attorney or myself and the Agent in the BK department, "you get them after you file whenever you call" said Countrywide/ BOA does not reafirm anymore. She said as long as you are current on your mortgage during the Bk process there is no problem. After you are discharged your original mortgage is still in place the only difference is that if later you default on your mortgage it show BK not foreclosure. I asked if they would report monthly that I pay my mortgage on time? She said no, not unless I get a new mortgage will it be reported.
I asked about how long I had to wait to refi with them after discharge. She said anytime after discharge I can refi with them and she recommended I do that for the lower interest rate.

"NOW DO NOT FLAME ME" I am just stating what she told me and she was working for them. I know I have read several different sides to this and have to wait two years yada, yada, "WHATEVER" It is what it is and I will deal with it however it ends up for me and my individual situation. I AM NOT SAYING THIS IS HOW IT IS FOR YOU OR ANYONE ELSE.

[fyi2]

hmmm...

I know you said it isn't legal until you fill out the actual reafirm paperwork BUT it seem that your intention is on legal forms so....

an amendment? before discharge after discharge?

I am still playing games with the bank, 1st yes we can work something out then NO now they said they would after the BK was filed
I just saw a house next door sell for 130,000 less then what I owe
oiy Vey!

I have been looking at rentals just in case, and I have seen double the house for what I pay...

they are over the state allowed amount for rent though

[fyi2]

also

if one said they were reaffirming and those numbers were counted in means to qualify then you canceled reaffirmation

wouldn't the tt recalculate the numbers and you may not qualify for means?

example

reaffirm
1700 1st with 300 2nd

NO reaffirm
1700 housing allowance No expense of 2nd would allow 300 more disposable income

or even lets say one is 2 or 3 months behind on primary mortgage and it is way upside down .. most likely the tt will deny reaffirm anyway so will he then say ok now lets take a look at your new means test numbers

[fyi2]

Has Anyone.....

Has anyone been Denied a reaffirmation?
What happened?

Has anyone canceled a reaffirm?
What happened?


-were u close to means pass/fail