Mortgage Company appearing at 341!

[concerned]

I noticed on PACER that it showed a notice of appearance was filed and that the primary mortgage company for our home is sending a representative to the 341 meeting. Is this common. We have been keeping our payments up to date and haven't missed a payment yet. We were hoping to use the fact that we have made all our mortgage payments to keep our home and not have to sign a reaffirmation agreement. Why would he appear at the 341? Do they sometimes indicate they will attend and then not show up?

[bkfiler]

probably to try and get you to sign a reaffirm agreement. make sure you discuss with attorney before you do anything.

[Genenco]

I noticed on PACER that it showed a notice of appearance was filed and that the primary mortgage company for our home is sending a representative to the 341 meeting. Is this common. We have been keeping our payments up to date and haven't missed a payment yet. We were hoping to use the fact that we have made all our mortgage payments to keep our home and not have to sign a reaffirmation agreement. Why would he appear at the 341? Do they sometimes indicate they will attend and then not show up?

Well, I view this as curious also. I mean, if they wanted you to reaffirm, then they'd have sent a letter to your or the lawyer....However, I have seen (And some here have mentioned) that local car dealers and banks have appeared just to make sure the agreement was entered and such.

Maybe a call to your lawyer might give you an answer?

[txfencer]

pacer showed we had a CC company that was to appear at 341 but nevered showed up,Just wait and see,Keep the faith that all is good until something says otherwise,thats what lawers are for.

[edwards2]

They probably want you to reaffirm so they are sending a rep with the paperwork. The credit union sent one to our 341 because we decided to reaffirm our car and personal loan with them. Our mortgage company did not send anyone; they sent us a letter to reaffirm but they are based in another state from us so that might have been the reason they didnt show. Check with your attorney but I wouldnt worry about it.

[concerned]

Thanks everyone for all the responses. Our attorney told us that we didn't have to reaffirm as long as we kept our payments up to date. He said that they can't make us sign the agreement; that on time payments served as confirmation that we intend to keep the home. Is this correct?

[AAAArt]

Thanks everyone for all the responses. Our attorney told us that we didn't have to reaffirm as long as we kept our payments up to date. He said that they can't make us sign the agreement; that on time payments served as confirmation that we intend to keep the home. Is this correct?

It is correct that they cannot take the house as long as you keep making payments on time or early every month. A day late and they can cause much more trouble than if you re-affirm. Also, they will prob. not report to the CRA'a your payment history and it will stay on there as "included in Bk. Not gppd for raising your credit scores, but if you think that you may be walking away from it in the near future, it may be worth it.
I'm not certain how having a debt "written off" after the date of discharge will affect your credit scores.
How long can you stay there after stopping payments. Prob. somewhere in the neighborhood of 3 - 6 months (perhaps longer if you object to something), but, I warn you from experience that they are very stress filled months and you develop a love-hate-shame relationship with the house.
Good luck, Art

[concerned]

AAAArt!

Thanks for the feedback. My main concern is that originally we were going to give up the house and so we were 10 days late on our payment right before we filed. We didn't go into our grace or anything, but still late. After we met with our attorney and decided to keep the house, we have not been a day late since. Our Dec. payment was paid on Nov. 15th (due date Dec. 1). We have a very strict budget set up so that we will be able to pay the mortgage by the 15th prior each month. I know exactly what you mean by a love-hate relationship. We are already feeling that way, but feel this is our only option. It's especially hard right around Christmas time. It seems strange to me that they are indicating they are attending. Do you think it is to try and pressure us into a reaffirmation agreement? Will we be able to argue that we have been on time on all of our payments?

[Minnymouth]

The mortgage company wants that reaffirm signed, sealed, and delivered at the 341 meeting. That guarantees them they will be paid the full amount that you owe them. Later on if you default, they foreclose, then they can still make you responsible for any balance due over and above what the home sells for. Its their guarantee in writing your going to pay them all of it........

You do not have to sign the reaffirm, but don't be surprised if they look for issues to cause you to become at default where they can take it. Then you loose all you have invested.... and also end up paying any balance above what it sells for.... if it sells low.

They are protecting their "interest".....

Some mortgage companies demand you sign a reaffirm or they will declare you at fault for filing bankruptcy and foreclose on you anyways. Check your mortgage papers closely for this clause

Keep us posted,

Minny