Bank of America doesn't reaffirm mortgage?

[bankruptsee]

I'm current and they're included in my bk7, of course. When I called to make the payment they said they don't reaffirm.

Is this a good thing? I owe about 60k on my house and houses are selling in my neighborhood for half that...

If this is the case, can we just walk away at any time after the discharge?

[momof3b1g]

Yes! We haven't gotten anything yet from our first mortgage holder. So I assume they do not either.

[aces67]

Yes that's a good thing for you! You can live there for as long as you want as long as you pay on time. When you decide to move you can move and you won't be liable for the debt anymore.

[metoo]

Is B of A still accepting your payments?

[BkinTX]

Oh wow. We have BofA also. Should I call and ask them?

[TEW]

that's a wonderful thing yes they will keep takeing your payments

[Chowder]

Countrywide/BofA here too. I was ready to reaffirm, but did not have to. Just keeping current on payments. Paying them at the local branch and keeping the receipts.

[BkinTX]

We said we would be reaffirming but we have realized riding through would be better for us. Should I call and ask about this or just not sign anything and keep making payments?

Or do they refuse to reaffirm across the board?

Sorry to hijack.

[aces67]

Ask your attorney. My lawyer said if a reaffirmation was sent then we had to sign or surrender. If no reaffirmation was sent then we were free to ride through.

It may vary by district also. I'm in TX.

[ska]

We have BofA (formerly Countrywide), they have been accepting our payments even though we are a month behind. We should be caught up by the end of August, but they have already requested a Release of Automatic Stay. We are going to try to pull the funds together to be current by the court date. The best thing you can do is "stay current."

I have read other posts where BofA has worked with the customer to become current, but I believe that is prior to filing. I think once you file it is a different story.

[gowiththeflo]

what happens if after five years of just paying through you want to sell and get some money is that allowed?

[BkinTX]

When would we receive the reaffirmation agreement to sign?

[Humonese]

what happens if after five years of just paying through you want to sell and get some money is that allowed?

I'd like to know that too....

[metoo]

My pipe dream is to not reaffirm and keep making payments on the 1st. Maybe stop making payments on the 2nd. Turn it into a rental for me. If things get worse I can stop making all payments and get 6-12 months. If they stay the same, just keep making payments and think of it as renting from B of A. If they get a lot better, go buy something else (with help from a family member with good credit). I'm at least $65k upside-down in a house that's too small for my family and needs some work. If values come back a ton, call B of A and tell them I want to keep it.

[ska]

what happens if after five years of just paying through you want to sell and get some money is that allowed?

I believe if you are current with the payments, you stay current and five years down the road you sell for more than you owe (minus closing costs), it's yours.