Chapt 7, Reaffirmation and now in a bind!!

[FlaAdvice]

You suggest having the refi done into his name only, but why make payment for 2 years before going into foreclosure? Unfortunately, we cannot afford another two years of pymts or else I wouldn't be weighing options now. I'd like to refi to take me off the loan and make payment for 2-3 more months under his name only. Then stop paying and allow it to go into foreclosure. This way it does not affect my credit at all and we've got one person's credit to survive on. I need to do something within the next 60 days. I don't think we can pay much beyond 2-3 months.

BK was discharged in 08/2010 - guess I've definitely passed that 60 day retract mark.

[debee]

When were you discharged? There is a 60 day rescission period for reaffirmation agreements.

[helpmeout]

If you want to let the home go into foreclosure, it would probably be a good idea to refinance and get any financial responsibility on your part eliminated (right now, they can come after you even if your husband files BK himself).

And I would make payments for at least 2 years before even thinking about having your husband file bankruptcy.

FYI, a foreclosure will have a negative impact on both of your credit.

[FlaAdvice]

I hope someone out there can help me with some advice.

I live in Florida and filed for Chapt. 7 bankruptcy in 2010. The bankruptcy was discharged in 2010 and I did sign a reaffirmation for my home and vehicle. Although I am married, I am the only one who filed. I was told by my attorney that because I am married I may want to sign the reaffirmation, if not, they may opt to take my home and it could potentially harm my husband's perfect credit. So I signed.

In a nut shell, we have always paid our mortgage on time and in full. Unfortunately, I lost my job due to the economy and have exhausted unemployment benefits. I contacted Chase and asked for a loan modification under the "Making Homes Affordable" program but was denied due to the investor (Ginnie Mae) not participating in mods. They also said, due to my perfect payment history - we do not qualify. A person must be 30+ days behind.

At this point, we just cannot afford our home any longer. My husband and I are contemplating to just let them home go. This way we can stay in the home while we save $$ and decide where we will be relocating to. Here are my questions:

1. Because I signed the reaffirmation - does this mean Chase can eventually come after me for the remaining debt? And if so, could this become a judgment in which I'll have to always fear a seizure of money from our bank accounts?

2. Is there anyway to remove the reaffirmation now that the case was discharged?

3. If I suck it up and let the home go, knowing Chase will come after me due to the reaffirmation - will Chase or the Bankruptcy courts come for my home?

4. Does having a bankruptcy speed up the process of taking my home from me if I opt for foreclosure?

Lastly, would it be more wise to refinance the home into my husband's name ONLY and then let it go into foreclosure under his name solely so at least one of us has good credit in the near future? I've already brought my score back up to the high 600's since filing. Eventually I guess he could claim bankruptcy and get the foreclosure taken care of but this way we bypass both credit being screwed, maybe?

Thanks!!!

Any help to those questions or extra advice is GREATLY appreciated!!