reaffirming

[thegiver]

I Reaffirmed My Mortgage With The Bank Before The 341 Meeting, They Sent Me Reaffirmation Form, I Signed It And Sent It Back To Them. My 341 Meeting Was Sept. 26th. I Knew What Reaffirming Meant But Since I Reaffirmed Ive Been Thinking Maybe That Wasn't The Wisest Thing To Do.....my Queston Is Can You Change Your Mind After You Have Signed The Re-affermation Paper? Since I Filed Prose I Have To Appear In Court For The Discharge Jan. 5th. I Read Someplace Where You Have So Long To Change Your Mind On Reaffirming But Even If I Wanted To It May Be Too Long A Time Since I Signed...one Reason I Signed It Was They Will Redo My Mortgage In 4 Yrs And I Was Afraid They May Not Want To Without The Reaffirming Since I Filed Bk...they May Not Anyway But I Have Always Made Pmts On Time ....it Bothers Me To Think If Anything Happened With Me On A Fixed Income And I Couldn't Make The Pmts??? An Anyone Enlighten Me On This ......thanks

[StaciMM]

You can cancel the reaffirmation.

What do you mean by 'they'll redo' the mortgage in 4 years?

[thegiver]

They Gave Me A Very Low Interest Rate For X Amt Of Years Then They Rewrite It For A Higher Interest Rate......some Of The Banks Here Rewrite It Every Year Even If Your On A Fixed 30 Yr Mortgage.....i Dont Know Why They Do That !! You Have To Go In And Resign The Papers....i Guess They Do That In Case They Decide They Dont Want Your Business Any More ...i Dont Know .......no Idea.......they Didn't Do That In Michigan Where I Am From.

[StaciMM]

Perhaps its an adjustable rate mortgage? You should be able to refinance before then.