Will we need to reaffirm our mortgage in Ch7?

[brokeinmichigan]

Hi all~
Still trying to figure out some confusing nuances to this whold BK thing.

We filed for Ch. 7 on 4/7/07, 341 is sch for 6/6/07. We received a Motion for Relief from Automatic Stay, which appears to have been filed prior to our Ch 7filing.

I've been reading lots of posts here and can't figure out if we will need to reaffirm our mortgage. We definitely intend to keep our house. As of tomorrow, April's payment will be officially late, and interestingly, our March payment hasn't yet posted (Chase Home Mortgage). It was late, though, and could easily post tomorrow. We will be current by the end of the this month, well before our 341 meeting. Should I worry

We were assured by our atty that keeping our home wouldn't be an issue.

Any input greatly appreciated!

[lrprn]

I've been reading lots of posts here and can't figure out if we will need to reaffirm our mortgage. We definitely intend to keep our house.

The current bk law states that all secured loans are to be reaffirmed, redeemed, or surrendered. However, in practice, if you choose to do nothing, the lenders in most districts don't repossess as long as you are making your payments on time. They are making their money....frankly, more money than if they repossessed the asset. This is likely why your lawyer isn't worried about you keeping your home. However, miss one payment and all bets are off. Only you can decide if the risk is worth it.

As of tomorrow, April's payment will be officially late, and interestingly, our March payment hasn't yet posted (Chase Home Mortgage). It was late, though, and could easily post tomorrow. We will be current by the end of the this month, well before our 341 meeting. Should I worry?

Did I understand that you filed your Ch 7 with Chase being able to say that your mortgage was one month in arrears when you filed? If you did, that could definitely be a problem. Chase Home Finance has a well-earned reputation for causing both Ch 7 and Ch 13 filers problems. See http://www.bankruptcyforum.com/showt...87285#poststop for an explanation what my husband and I have been going through fighting Chase H F in our Ch 13 case.