Can I keep a condo I intended to surrender after discharge?

[BillyRip]

Can I make a deal with my lender to make a monthly payment to stay in the condo that I intended to surrender in my BK7?

The homestead exemption was not on this condo, it was on another property that I do intend to keep.

[biotechsolution]

if you pay what the mortgage payment was I'm sure they will let you stay.

[BillyRip]

if you pay what the mortgage payment was I'm sure they will let you stay.

The question is... This was a "rental property" that I told the Trustee I was going to give up. now I want to see if the mtg company will let me keep it on modified terms.

What if I keep paying on it and then walk away from it in a couple years? Will I be responsible for whatever the sale price is short?

Also... Can I let the bank repo my car now and just go get another one? I needed that $630 a month payment to get by the means test.

Any info will be appreciated.

[LuciluS]

The question is... This was a "rental property" that I told the Trustee I was going to give up. now I want to see if the mtg company will let me keep it on modified terms.

What if I keep paying on it and then walk away from it in a couple years? Will I be responsible for whatever the sale price is short?

Also... Can I let the bank repo my car now and just go get another one? I needed that $630 a month payment to get by the means test.

Any info will be appreciated.

3. I don't know if you need to wait until your case is closed or not. We voluntarily surrender a Motorhome late last Nov. as we couldn't afford the payments AND the insurance.

They auctioned it in early December and we got a letter for deficiency, fees, yadda yadda. Only letter we have received from then. Not filing until 9/09.

Maybe a Moderator or Guru will reply. I would think you could try to attempt to contact and ask them where they want you to park it or for them to come get it. If it was me, I would just show up, maybe have a Written Statement for an employee to sign stating MR. ______ brought his car to the office, It had XXXXX miles on it & gave me the keys. Have someone sign it & then, of course, if the employee is smart she will make a copy of it for their records. Remember to keep the insurance current until it's in the bank's hands.

2 & 1. I bet you could work out something on the rental property. Don't sign any reaffirmation agreements and you will basically be doing a 'ride through' & Yes, could walk away from it.

If you make the payments, did NOT reaffirm or get tricked into signing something before, during & after your Case is closed, Yes you can walk away. No, you will not be responsible for the short sale.

Scenario going on at the Bank
I look at it this way. John.. Ole George said he was going to surrender his property Herman: Well George is still making the payments. Ya think he is wanting a lower interest rate? John... O Yea he probably does & now would be the time for him to so under Bama's Plan. If he wants to stay there, then maybe we could find a middle of the road agreement. I'm getting tired of handling these foreclosed properties. Ta Da!

Now if you get an Reaffirmation Agreement agreeable to all parties and it is etched in writing, there's goes your 'no ride through' and Yes you will pay the defeciency on the Short Sale.

Also, there's been quite a bit of discussion on the 'Ride Throughs'. As most lenders are not reporting to the Credit Bureaus; thus ya get screwed because you are making a monthly payment which is what the Credit Bureaus LOOK For! and one definitely needs to rebuild their Credit. Is it legal? Danged if I Know.

My opinions on Reaffirmations are not well liked here. DH and I are in our middle fifties. This is the last house we are buying. Next place will be to heaven I want to be able to lay down in our nice house we signed on 12/20/07 & have the peace knowing I can electronically make my payment & be done with it, Deduct each year for real estate taxes, etc and the Interest and now the Fannie May payment (That's the one where you have to pay if you only put down 5% on the home - it's called PMI Insurance. And the payment is Reported be on all 3 credit bureaus.

Our mortgages is at 6.025%. Yes, I might be able to get a lower rate by Reaffirming (that's a tiny goal I have). Arkansas & especially our neighborhood the Market Value did not drop that far. Right now, with the %5,000 down on it we might possibly have $10-15k in equity when we file.
Who Knows!

DH is wanting to reaffirm his truck as he is 6'6" tall & doesn't fit in all vehicles. We are upside down on it, but it is a 2006 Dodge Dakota we bought 2/07 with 10,000 miles on it. We did take the 4 yr. extended warranty. We just put new tires on it & I think it has around 34,000 on it know.

Hope this helped.

Luci

Filing Bankruptcy is hard enough. When I'm discharged is when I will feel much better in my 'inner soul' and the ole neck & back.