Question Chase Home Mortgage, plan to keep my house, attorney says we want reafirm.

[Hlc]

I have a first and second mortgage with Chase and will file chapter 7 around 12/1/2010. My attorney tells me that we will not reafirm my mortgage and to keep paying on time and we will do a pass through and just keep paying it. I'm bankrupting about $ 30,000 on Chase cards alone.

Question is -- Does anyone have any experceince with Chase Mortgage, and not reafirmming ?

Thanks

[tobee43]

I have a first and second mortgage with Chase and will file chapter 7 around 12/1/2010. My attorney tells me that we will not reafirm my mortgage and to keep paying on time and we will do a pass through and just keep paying it. I'm bankrupting about $ 30,000 on Chase cards alone.

Question is -- Does anyone have any experceince with Chase Mortgage, and not reafirmming ?

Thanks

yes, but we surrendered......and Chase..... even AFTER our discharge they wanted us to reaffirm! they are nuts...but certainly do NOT want another house. i'm certain you will be fine..

good atty...not having your reaffirm and just having you pay. smart move....he or she's a keeper.

[Pandora]

I have a first and second mortgage with Chase and will file chapter 7 around 12/1/2010. My attorney tells me that we will not reafirm my mortgage and to keep paying on time and we will do a pass through and just keep paying it. I'm bankrupting about $ 30,000 on Chase cards alone.

Question is -- Does anyone have any experceince with Chase Mortgage, and not reafirmming ?

Thanks

Is your intention to keep the house long term? Just be aware that just because you do a ride-through on the 1st and not a reaffirmation, the 2nd can at any time, still foreclose on you. Usually they wait until the value of the house is more than whats owed to the 1st - which can be years down the road. The lien will remain regardless of discharge - just your responsibility to pay it has been removed. This is why many people attempt a lien strip in a 13 or try to settle the 2nd for pennies on the dollar and requesting the lien be removed once settled.

[tobee43]

Is your intention to keep the house long term? Just be aware that just because you do a ride-through on the 1st and not a reaffirmation, the 2nd can at any time, still foreclose on you. Usually they wait until the value of the house is more than whats owed to the 1st - which can be years down the road. The lien will remain regardless of discharge - just your responsibility to pay it has been removed. This is why many people attempt a lien strip in a 13 or try to settle the 2nd for pennies on the dollar and requesting the lien be removed once settled.

pandora makes an excellent point about the 2nd...and personally i have no experience with that situation. i wonder if you can strip the second??

[Hlc]

Good question, can you strip the second in a chapter 7? What can I do to protect myself on the second mortgage.

[Pandora]

No you cannot strip a 2nd in a 7 - only in a 13 and only if the value of your home is less than what you owe to the 1st mortgage. There is nothing you can do to protect yourself on the 2nd - unless you settle and get them to release the lien in full. Once you get a discharge in a 7 - your personal responsibility to repay the debt is gone, however as I said, the lien will remain.

You either need to strip it in a 13 (if eligible) or settle it in a 7. Or...just let it go completely and find another place to live.

Didnt your lawyer discuss the ramifications of how all of this would play out?

[LadyInTheRed]

No you cannot strip a 2nd in a 7 - only in a 13 and only if the value of your home is less than what you owe to the 1st mortgage. There is nothing you can do to protect yourself on the 2nd - unless you settle and get them to release the lien in full. Once you get a discharge in a 7 - your personal responsibility to repay the debt is gone, however as I said, the lien will remain.

You either need to strip it in a 13 (if eligible) or settle it in a 7. Or...just let it go completely and find another place to live.

Didnt your lawyer discuss the ramifications of how all of this would play out?

The attorney advised to keep paying. The bank is unlikely to foreclose on the 2nd if Hlc stays current on both loans.

[Pandora]

The attorney advised to keep paying. The bank is unlikely to foreclose on the 2nd if Hlc stays current on both loans.

Hmmm...I read it as "keep paying the 1st".... ? Funny how things are interpreted by different people, but you're correct if OP's intent was to pay both 1st and 2nd.

I still dont understand why anyone, or even an attorney would recommend, to pay both 1st and 2nd on a ride through and not reaffirm if the intent wasnt to keep the house. To me, thats a waste of money to pay the 2nd every month vs. saving that $ and trying to settle to get it released. If they were going to reaffirm, then yeah - but to ride through? I just wanted the OP to know that the 2nd will still - at any time - pursue foreclosure if only paying the 1st.

[Hlc]

I just want to keep my house. I fully intend on paying 1st and 2nd mortgage. my attorney feels that a ride thru in chapter 7 is easiest to do. Any more input would be appreciated.

[tobee43]

I just want to keep my house. I fully intend on paying 1st and 2nd mortgage. my attorney feels that a ride thru in chapter 7 is easiest to do. Any more input would be appreciated.

well then, i'm not certain if georgia is a homesteaded stated...and as long as your house is not in the black over the exemption amount allowed in your state you should be just fine. may people keep their homes and file a chapter 7.