Beginning of the End ... Stress Builds

[deepin]

Let me start by saying thanks to anyone who as replied to my questions or offered any type of support since I surfaced here earlier this year.

We are closing in on the end of our 60 days - with a reaffirmation hearing scheduled for next week due to the presumption of hardship (negative DMI) on our primary & secondary mortgages and 1 auto loan.

After discussing it with our attorney, I am prepared to rebut the presumption of hardship by showing the expenses we have cut since filing - which have brought us to zero DMI.

I pray that will work - but in looking at the court calendar it shows many if not all reaffirmation hearings from just yesterday are marked as vacated. Not exactly sure what this means but this gives me the sinking feeling that the judge is not inclined to approve many reaffs.

I now find myself paralyzed with fear that we could be on the brink of losing our house - if the reaffirmation is not approved. I realize many here will suggest we not worry about the reaffirmation and worst case scenario simply prepare to ride through. However, the idea of being in that kind of limbo for the life of the loan seems almost more than I can take.

[OhioFiler]

I'd be more concerned about carrying a debt post BK that I have no way to get rid of if some calamity befell my family. I think a ride through is a better choice.

[mynextlife]

DH and I are doing a ride through on our home. Don't think of it as being in limbo for the life of the loan. Within 2-3 years, you should be able to refinance and move forward. Just keep making the payments if you want to keep the home.

[LuciluS]

We are closing in on the end of our 60 days - with a reaffirmation hearing scheduled for next week due to the presumption of hardship (negative DMI) on our primary & secondary mortgages and 1 auto loan.

After discussing it with our attorney, I am prepared to rebut the presumption of hardship by showing the expenses we have cut since filing - which have brought us to zero DMI.

I pray that will work - but in looking at the court calendar it shows many if not all reaffirmation hearings from just yesterday are marked as vacated. Not exactly sure what this means but this gives me the sinking feeling that the judge is not inclined to approve many reaffs.

I now find myself paralyzed with fear that we could be on the brink of losing our house - if the reaffirmation is not approved. I realize many here will suggest we not worry about the reaffirmation and worst case scenario simply prepare to ride through. However, the idea of being in that kind of limbo for the life of the loan seems almost more than I can take.

I believe the decision to reaffirm or not should be up to the individual/couple. No one person should chastize one for wanting to reaffirm.

Deepin: I fully understand why you want a reaffirmation. Yes, the whole US was hit by the recession, but there are parts of the Country who were not affected in some areas.

Our State, AR, had a surplus in their 2008 budget & is still operating in the year 2009 with a surplus. The northern part of our State was hit the hardest in the real estate market.

We live in a small town east of Conway, AR and our market took less than a 15% hit in real estate values. Dh and I are planning on reaffirming our mortgage as we just bought our home on 12/20/07 & our next home is Heaven. I am 55 and he is 53. We will be filing 9/30/09

Our country made in through the deep depression of the 20s' and will make it through this recession and also some of the bad decisions our Federal Government is/has made. So, yes I believe the real estate market will recover, but not in all areas of the US.

Like deepin, I want to be able to lay my head on my pillow at night, knowing I have a viable contract on my home. I don't want to have to worry if the mortgage co. or for the fact, the truck loan company is reporting to the credit bureaus. Some of us, want and need that reassurance and if we fail, it is 'WE' who failed. We are getting our Fresh Start with that reassurance of our mortgage...some don't need that, BUT We Do!

Luci

[aces67]

I understand your need to reaffirm. We also plan to reaffirm our mortgage. Like you I don't want to be in limbo on my home loan. That thought sickens me and really my mortgage is payment is about as low as you can get.

Good Luck on your hearing tomorrow! Let us know how it goes!

[maddog2112]

Aces, I pm`d you . Maddog2112