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    Paying Mortgage

    Well the day that I sign the papers is fast approaching. I go Thursday and finally get the ball rolling. The question I have is this: My attorney believes in reaffirming mortgages ( not really sure why, I guess it is just personal preference) . At first I was all for it but now I don't think I am for various reasons. I hope I will be able to go the "stay and pay" route (even though I have seen in some places that you can't do that in Georgia). So my mortgage is due on the 1st of every month but it is considered late after the 16th. So since I am going to do the stay and pay, I know that I have to continue to pay my mortgage on time , as long as I pay it by the 16th of every month will that be considered "on time" or will they consider that late ?. I don't want to be late and give the mortgage company any reason to start foreclosure.

    #2
    The terms of a mortgage, including any grace period, do not change as a result of filing BK unless they are changed as part of a reaffirmation agreement.

    If your attorney recommends reaffirming your mortgage, you really should ask why and understand his reasoning. If he recommends all of his clients reaffirm their mortgages without a good reason, I would find another attorney. To me, that's a red flag. Keep in mind that stating an intent to reaffirm in your petition is not the same as actually reaffirming.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      #3
      I did not reaffirm my mortgage with my credit union, and my grace period did not change.
      Chapter 7, above median, no asset. Discharged with no UST involvement.

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        #4
        Same here. Chapter 7, no asset. Mortgage discharged, no reaffirmation, did the "Stay & Pay" route. Mortgage company notified me that although mortgage discharged, lien remained on property. Contract terms remained the same as before & as long as I made payments, business as usual. It's been 2 years since discharge & no problems / issues.

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          #5
          II'min Georgia and staying and paying with Wells Fargo.

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            #6
            I'm in Florida and staying and paying! (I even had modification done while in an active Chapter 7 bankruptcy.)
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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