proposed reaffirmation agreement -not submitted to court

[eloisa]

hi everybody,

i have a question about reaffirmation agreement. i submitted a reaffirmation agreement to the mortgage company some 3 weeks ago but until now, they have not returned a signed agreement nor was it submitted to court despite having made persistent calls that they do so.

my question is, what will happen if i don't submit a reaffirmation agreement but will continue paying intallments even after there has been an order of case closing and discharge of debt.

thanks a lot

[lrprn]

what will happen if i don't submit a reaffirmation agreement but will continue paying intallments even after there has been an order of case closing and discharge of debt.

Chances are 99% that absolutely nothing will happen. You'll keep making your payments on time and the mortgage company lets you keep your house. The best part with no reaffirmation agreement is that if something unforeseen happens in the future (a job loss, etc) then you can walk away from the home and owe nothing on whatever is left on the mortgage.

Most mortgage lenders have more foreclosed homes right now than they know what to do with. They will be happy to let you keep making payments to them rather than get one more foreclosed house on the rolls making them no money at all because it can't be sold in this crappy market they created out of their greed.

Just remember you MUST make your house payments on time every single month though - otherwise all bets are off.