? on mortgages

[basketsbears]

Hi,

We will be filing Ch 7 this summer. Mortgage is current - never behind on mortgage. We are not going to reaffirm (thanks to reading here) - but wondered - can the mortgage be renegotiated if we did reaffirm? Our house is probably worth $110,000, mortgage $127,000 - rate 6-7% (which was good at the time). Also as side note - can car loans be renegotiated too to reaffirm? I'm mainly thinking of our Jeep which we owe about $18,000, worth about $14,000 interest rate at 9.9% - will be paid off June 2005. The truck we bought in Dec would keep as is.

We like the house, but don't necessarily "love" it. We could live here forever, or we could move tomorrow. I just don't feel as attached to this house. It would be much nicer if rate could be what they are at today. Just wondered.

Thanks!

[Drazil65]

I guess it would not hurt to ask BUT do not sign anything until you see the deal in writing and like what you see (of course let an attorney look it over). We did not reaffirm, we are not under water in this house (NC) (surrendered our OH rental) and we were current. We filed in December (looking at discharge next week) and missed our first payment in January. Did not pay Feb or March, husband still in school until May and we decided to stop paying as we know we will be moving once he gets a job after graduation. Our bank contacted us and told us that if we put it on the market this month they would hold off on the NOD and give us 90 days to see if we can sell it. So we are putting back on market next week (after discharge) and that will take us thru graduation and then some until they start the foreclosure process. We bought ourselves some time and we are getting at least 6 months no pay here and possible a few months more if we need it. We are with a local bank and once they start foreclosure it only takes about 4 months.

Personally I would not reaffirm at all (especially for a house that seem to be underwater a bit), why get back into that mortgage unless you really want to try to stay there. If not then figure out how long you have to save that money for your move. Good luck!

[basketsbears]

Thanks for the response. I remember we are kinda in the same boat. I graduate May 2013, and when I am done we more than likely will stay in Indiana - but if I can get a position somewhere that will pay my student loans for a two year work assignment I will probably jump at that.

We really don't have any desire to reaffirm anything - but I was curious if things like that can be done.

Good luck on your upcoming discharge!!!