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Another reaffirmation question after reading thread

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  • Another reaffirmation question after reading thread

    Hi,

    It is my understanding that when we file, we need to declare whether or not we are going to reaffirm. If we decide to just pay and stay, or pay and ride, do we still check the box to reaffirm? My attorney has suggested that we reaffirm one vehicle and the house, and not reaffirm another vehicle. My gut tells me not to sign anything and just pay and see what happens, that way if we want out of anything, or our conditions change, we still have our "fresh" start.

    If we do check the reaffirm box, and we don't - is that like "lying" to the Court? I wouldn't want to do anything dishonest. I don't mind keep paying, especially for our house, but it makes sense to not sign anything regarding the house. Our mortgage is with Union Savings Bank - does anyone know if they require reaffirmations? Our vehicles are thru Ally - how about them?

    How does this work?

    Thanks!

    Lynn
    Last edited by basketsbears; 01-15-2012, 11:37 AM.

  • #2
    On your filing paperwork (Form 8, I believe) there are selections to make regarding whether the secured property will be "Retained" or "Surrendered". Below it is a question that asks "If Retaining the property, I intend to: and three selections - Redeem, Reaffirm, or Other. You would check the Other box and insert "Retain and pay" in the explanation.

    As far as reaffirming a home, I believe it is pretty much unanimous that is a bad idea. Banks will not take houses that are being paid for. Just stay current if you wish to stay.

    Cars may be somewhat different - some lenders "strongly recommend" that you reaffirm since they cannot legally require you to reaffirm. However, they can legally take the vehicle if you do not reaffirm. And since used cars are selling at record high prices right now, they are pretty aggressive with that. If you do not reaffirm a vehicle, I'd strongly suggest that you stay current on payments and call the lender the moment you get your discharge to confirm that you want to continue to pay them. I can't tell you about Ally, but someone here might.

    Listen to your gut. My vote is to not reaffirm anything.

    Comment


    • #3
      Originally posted by btbeme View Post
      On your filing paperwork (Form 8, I believe) there are selections to make regarding whether the secured property will be "Retained" or "Surrendered". Below it is a question that asks "If Retaining the property, I intend to: and three selections - Redeem, Reaffirm, or Other. You would check the Other box and insert "Retain and pay" in the explanation.

      As far as reaffirming a home, I believe it is pretty much unanimous that is a bad idea. Banks will not take houses that are being paid for. Just stay current if you wish to stay.

      Cars may be somewhat different - some lenders "strongly recommend" that you reaffirm since they cannot legally require you to reaffirm. However, they can legally take the vehicle if you do not reaffirm. And since used cars are selling at record high prices right now, they are pretty aggressive with that. If you do not reaffirm a vehicle, I'd strongly suggest that you stay current on payments and call the lender the moment you get your discharge to confirm that you want to continue to pay them. I can't tell you about Ally, but someone here might.

      Listen to your gut. My vote is to not reaffirm anything.
      I strongly agree. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment


      • #4
        Thanks for the replies. I do not plan on reaffirming on anything. House & cars are current - never been late on those, but it just seems to me that if we are doing this (like I've said in other threads) because rental is going to be foreclosed on we would be very stupid not to take advantage of the situation to our advantage. We also have a water purification system, that we are going to tell them to take back. Also we have paid for timeshares, that if there is anyway to surrender those, would just as well. I am feeling more hopeful for our "fresh start". I know our attorney at the first meeting said that she would recommend us reaffirming our home and car, not new truck though. The more I have read about it, and think about it, I don't see any advantage to reaffirm anything. I figure we can reestablish credit with secured card. If the vehicles go back, will buy beaters and save for nicer vehicles down the road.

        The only unsecured debt I am going to pay off after this all gets settled (if we are a 7, because I guess if we are a 13, it will be included in payback) is a hospital bill I have of about $1,200. I had wanted to pay it before we filed, but apparently trustee could go after $. I have made minimum payments on it. I had surgery last summer and that is my balance. I also work for the health care system so I do not want to jeopardize anything as far as future jobs, etc.
        Thanks!

        Lynn
        Last edited by basketsbears; 01-16-2012, 10:06 AM.

        Comment


        • #5
          We stated that we would be keeping the home, but didn't indicate that we would be re-affirming. We had no intent to keep the house, but we needed the payments to help us qualify for a chapter 7. This could be considered deceiving, but my thought is what comes around goes around, World Savings/Wachovia/Wells Fargo is in a class action lawsuit for deceiving millions of families out of millions of dollars!
          **Filed - 5/4/11 Bring it on! ** 341 - Scheduled for 6/6/11 that wasn't so bad, but continued **Discharge - (after 8/5/11)
          **Credit Scores - 5/4/11 - EQ = 590**EX = 656**TU = 702

          Comment


          • #6
            we do check the reaffirm box, and we don't - is that like "lying" to the Court? I wouldn't want to do anything dishonest

            Checking the reafirmation box is merely an intention and intentions can change. You're not perjuring yourself if you check reaffirm and then change your mind. A reaffirmation isn't binding until you sign an agrement, it's approved by your bk judge and then is properly filed with the court.

            BTW, I agree with everyone in this thread. Don't reaffirm.
            And, you can dump those timeshares in bk.

            Comment


            • #7
              From what I understood. This form (if it's the same one I think it it) it's the "Statement of Intention" (SOI)
              This doesn't not hold you to reaffirming, it simply says you are intending.
              For my house I sent the SOI in and checked Reaffirm and the other "Retain and Pay" boxes.

              Got my reaffirm paper and tried to work with the bank and they wouldn't modify the mortgage for me so I didn't sign..
              8-25-2011 - Free Consultations. -- 9-03-2011 - Decided to file Pro Se
              9-15-2011 - Filed Chapter 7 Pro Se -- 10-17-2011 - 341 Meeting/No Asset Case
              Discharged 12-21-2011 - Case Closed 12-27-2011 - Another Pro Se'r has done it!!

              Comment


              • #8
                Thanks for all the great responses. The earliest we will be filing is August, for Ch 7 - so we are keeping our fingers crossed.

                We still are not planning on reaffirming anything.

                I will be so glad when this is started and over.

                Comment


                • #9
                  "The earliest we will be filing is August, for Ch 7"
                  Why are you waiting so long?

                  Comment


                  • #10
                    Originally posted by movinonnow View Post
                    "The earliest we will be filing is August, for Ch 7"
                    Why are you waiting so long?

                    http://www.bkforum.com/showthread.ph...cember-to-file

                    ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
                    Not an attorney - just an opinionated woman.

                    Comment


                    • #11
                      We are waiting for my husband's VA stipend ends so our look forward income is less.

                      Comment


                      • #12
                        We were in the same boat......we did NOT want to reaffirm the house but if we did not then we would not be in a Chapter 7. Sooooo, our attorney had us check the 'other' box, literally in Illinois it is 'reaffirm' 'not reaffirm' and 'other'. Then on the blank line next to it he wrote in 'will reaffirm if modification can be worked out'.

                        That was in March 2011 that we filed. June 2011 we were discharged. It is now late January 2012. We still have not made a payment, still are 'working on a modification' which will not ever happen and no, we did not sign any paperwork to reaffirm the underwater mortgage nor will we EVER :-)

                        Hope that helps!!!!

                        This really is an opportunity of a liftime. JUMP on it, enjoy the ride and have fun making plans for your bright future!!!!

                        Comment


                        • #13
                          Thank you so much!

                          I know we will not reaffirm anything - but at least for the house am planning on paying and staying. We have 3 dogs, and two cats, so to find a rental would be very difficult. I like our house, but don't "love" our house. So, I don't know if we will just stay here or end up finding another place to live sometime. We have talked about later on down the road after this is all over to make some changes on the house that will make things better, but I don't know. We are probably $20000 upside down now - so not as bad as many people.

                          The vehicles - will probably pay for a while, and then turn in after we save some $ to buy less expensive vehicles and finance - or better yet, pay cash.

                          It is freeing to dream about starting over - although when I graduate from school will have hefty student loans to pay back. Ugh! But we will be in better shape if all of this gets taken care of!

                          Thanks again for all your support!

                          Lynn
                          Originally posted by HomeNow2 View Post
                          We were in the same boat......we did NOT want to reaffirm the house but if we did not then we would not be in a Chapter 7. Sooooo, our attorney had us check the 'other' box, literally in Illinois it is 'reaffirm' 'not reaffirm' and 'other'. Then on the blank line next to it he wrote in 'will reaffirm if modification can be worked out'.

                          That was in March 2011 that we filed. June 2011 we were discharged. It is now late January 2012. We still have not made a payment, still are 'working on a modification' which will not ever happen and no, we did not sign any paperwork to reaffirm the underwater mortgage nor will we EVER :-)

                          Hope that helps!!!!

                          This really is an opportunity of a liftime. JUMP on it, enjoy the ride and have fun making plans for your bright future!!!!

                          Comment

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