What is a "ride-through"

[moo]

I am not sure the right way to explain my questions, but I will try to do my best. Sorry for the confusion if it doesn't make since.

I have been reading alot about people doing a ride-through on theree homes here. I think I understand what it is, but how do people get a ride through? Is this something you need to ask for or does it just happen when you file chapter 7?

Also, my question is that if we don't reaffirm the house would we still be able to pay our 1st mortgage payment (I believe this would be considered a ride-through) and stay in the house?

We also have a HELOC, if we dont reaffirm the house what would BofA do if we did a ride through on the 1st mortgage?

[AngelinaCatHub]

This is a common question. Many common questions can be found on the "Stickies".

A ride through is your intent to keep on paying for an item to keep it. It is usually always a secured item such as house or car. The mortgage holder would rather let you have the item and take your money. Most mortgage companies although may hassle you about this, will still take your money. Also unless written in your paperwork they by law cannot take your property if you fulfill your payment obligation. You must not be late though.

A reaffirmation is like you are agreeing to pay the mortgage and you give up all bankruptcy privilege of discharge. In this case, if you get a bk discharge and cannot pay, you then can be sued for the deficiency.

On a ride through, if things get bad after your discharge, you can walk away, surrender your item and they cannot go after the deficiency.

It usually is better to "ride through". 'Hub