This whole bankruptcy experience has been quite interesting. I see alot of people here ask about reaffirming vs. not reaffirming their homes, renting after bankruptcy or about walking away from their homes. Heres our story and hopefully it will give some out there a little hope for the future......
The main reason we filed bankruptcy initially was to try to preserve our home ownership. We have lived in our home for 15 years. Fifteen years ago we picked out the lot, went over design plans, watched the home being built and finally moved in. Every step of the way was exciting to say the least. fast forward to 2008......
Economy took a dive, unemployment and health issues took center stage. We tried working with our lender (Countrywide) and have gotten nowhere. We had been made several promises, but nothing ever came of them. We had no options....we couldn't sell, they wouldn't refinance and they wouldn't even work on a modification. This left us no choice but to do what we had to to preserve our financial future.......file bankruptcy. Our BK's significant dates are in my signature so you can see we have been discharged as of 4/3/09.
We considered reaffirming, however, Countrywide stated that they do not do reaffirmation agreements. Our attorney also advised against it for our home even if they did do reaffirmation agreements. Turns out that not reaffirming or in our case not being allowed to reaffirm our home loan was the best thing that ever happened throughout our BK. We were able to locate a new home to lease that is only 2 years old, built in a master planned community, is 800 sq. ft larger than our home and is only half of what our mortgage payment on a 15 year old house that is underwater on the loan. By not reaffirming we were able to walk away from the house without any obligation since no reaffirmation agreement was signed.
Yes, it is very possible to rent after BK and it doesn't have to be in a bad area. In fact the property manager completely understood the bankruptcy issue and told us that we should not even worry about it. She said, as many here, have said..."It is your legal right and you should not feel bad at all if you have run out of options". She said that she and her husband did the same when they were younger and that it was the best thing they ever did.
So far it's the best thing we ever did as well. I guess Countrywide will have wished they would have worked with us pretty soon. At least once they figure out that we are not sending them another penny. Things do work out for the best and the advice here has been phenominal.
On a side note my wife works in the financial industry which everyone always worries they will never be able to again because of the BK. She started a new job with Wells Fargo and is making another $1000/month over what she made before. They didn't care about the BK. They only cared about her experience with the position. The dark cloud is definitely lifting.....
The main reason we filed bankruptcy initially was to try to preserve our home ownership. We have lived in our home for 15 years. Fifteen years ago we picked out the lot, went over design plans, watched the home being built and finally moved in. Every step of the way was exciting to say the least. fast forward to 2008......
Economy took a dive, unemployment and health issues took center stage. We tried working with our lender (Countrywide) and have gotten nowhere. We had been made several promises, but nothing ever came of them. We had no options....we couldn't sell, they wouldn't refinance and they wouldn't even work on a modification. This left us no choice but to do what we had to to preserve our financial future.......file bankruptcy. Our BK's significant dates are in my signature so you can see we have been discharged as of 4/3/09.
We considered reaffirming, however, Countrywide stated that they do not do reaffirmation agreements. Our attorney also advised against it for our home even if they did do reaffirmation agreements. Turns out that not reaffirming or in our case not being allowed to reaffirm our home loan was the best thing that ever happened throughout our BK. We were able to locate a new home to lease that is only 2 years old, built in a master planned community, is 800 sq. ft larger than our home and is only half of what our mortgage payment on a 15 year old house that is underwater on the loan. By not reaffirming we were able to walk away from the house without any obligation since no reaffirmation agreement was signed.
Yes, it is very possible to rent after BK and it doesn't have to be in a bad area. In fact the property manager completely understood the bankruptcy issue and told us that we should not even worry about it. She said, as many here, have said..."It is your legal right and you should not feel bad at all if you have run out of options". She said that she and her husband did the same when they were younger and that it was the best thing they ever did.
So far it's the best thing we ever did as well. I guess Countrywide will have wished they would have worked with us pretty soon. At least once they figure out that we are not sending them another penny. Things do work out for the best and the advice here has been phenominal.
On a side note my wife works in the financial industry which everyone always worries they will never be able to again because of the BK. She started a new job with Wells Fargo and is making another $1000/month over what she made before. They didn't care about the BK. They only cared about her experience with the position. The dark cloud is definitely lifting.....
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