My family is in a financial mess, my income dropped by over 50% and we are looking at a chapter 7.... our concern is losing our home. We have never missed a payment but the mortgage is with countrywide... I have read that they do not reaffirm their accounts - does this endanger my family? Has anyone had a different experience with Countrywide?
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not with Countrywide just keep the payments up. You will be fine.Chapter 7 07/30/2008
341 09/17/2008
Discharge 11/21/2008 -
If you keep up the payments, the lender can't do anything. If Countrywide does not do a reaffirm, this could work in your favor because if for some unforeseen reason you're unable to keep up the payments after your discharge, you can walk away without recourse because the debt has been discharged. This is known as a Ride Through, which was an option before the law change in 2005, but is no longer an option, however some lenders will still allow this. Just remain current and all will be fine.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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I spoke to my attorney and he advised of a chapter 13 right after... that would force the reaffirmation.... He called it a ch 20?
Has anyone heard of this... would this effectively force a reaffirmation? What would be the ramifications?Comment
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yupOriginally posted by downonluck View Post
why would you want to do that? you are going to have a rich lawyerChapter 7 07/30/2008
341 09/17/2008
Discharge 11/21/2008Comment
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