14 Days Until-------------

[okiebk09]

Hopeful discharge. Anyway I have a question for some of you pros out there who did a "ride-thru" on your mortgage during a chapter 7. When we filed we marked on our petition to reaffirm our mortgage. However, now we are two weeks from discharge and have decided we would rather not reaffirm. The only reason to is for credit rating but I don't care about credit anymore and don't ever plan to use it again. We figure we might as well "be done" with the mortgage as well per say. Not literally but you know what I mean. Be able to walk away from it in the future if we want. We have not heard from Chase regarding the reaffirmation agreement. They had sent a letter after they received notice of filing and said we could either reaffirm or ride thru. We have not heard from them since and neither has our attorney. So I emailed the attorney's assisstant and asked what to do and she said nothing at this point but wait for discharge. My question is this-----Say our petition shows to reaffirm, however we never sign papers so there is actually never a reaffirmation agreement. Can we later walk away from the mortgage with no problems or must we file something that shows we are not reaffirming ? I am sure we not need to walk away but will sell instead in 5 years or so but you never know. Thanks for any imput you have.

[laurannm]

Even though you checked the Reaffirm option on your schedule, unless you sign AND file the actual reaffirm agreement, there is no reaffirm, meaning yes you can walk-away free and clear. It's very common for people who are doing ride-throughs to choose reaffirm on the schedule but then never actually sign and file the agreement.

[okiebk09]

Ok thanks. So we have 14 days to go for discharge. I cannot tell everyone how great it feels to have financial freedom. I have never had it and we are learning how to save.

[downsized]

Can I butt in? This brought a question to mind. If you ride thru on a mortgage or car and later decide you're done with those things, you just leave them? As in park the car at the dealership or move out of your house and that's it? Done? How does that affect your credit? It isn't a new black mark on your credit report in addition to the previous BK? The home wouldn't end up foreclosing because you stopped paying?

Reason I'm asking is because our home is one step away from worthless right now. We're so far upside down I feel like we'll never be able to sell it. We feel like we have no choice but to keep it because we have a family of 5 and the current mortgage is lower than any rent I've seen for a home that would accomodate my family. My dh is unemployed right now but will hopefully find gainful employment before long. If we decided to keep the house on a ride thru, we can keep paying until we're ready to move on and them walk out at that time with no further damage to our credit? As in....ride thru until dh gets a job so we could afford an increase in rent and then leave our current house?

Ugh...did that even make sense?

[okiebk09]

From what I understand...Which we are now riding thru instead of reaffirming,,,,,,when you ride thru your mortgage is still "wiped out" in the bk. it is still included in bk. however, as long as you continue to pay you basically still keep your house and it goes as normal. in the future if you lose a job or whatever and cannot pay you can walk away from the house and there is nothing the mortgage company can do because it was included in the bk. make sense? if i am wrong then someone can chime in here and correct me.

[fltoo]

I hear ya Okie. Counting down 10 days here until discharge. It has been a 2.5 year ordeal for me. Had to wait two years to even file.