Reaffirm?

[happy_ira]

I cant get a straight answer....

What happens if I do NOT reaffirm my first mortgage and I keep current on all payments as I have been all along? Can the Big Mortgage Co. do anything?

[happy_ira]

Bump.

Also - If I filed my Ch 7 BK on Sept 1, when I I have to file reaffirmation by? Is the clock ticking? Help.

[b_girl]

It depends on your area and your lender. In our state we discovered that ride throughs don't work and that unless we re-affirmed our mortgage we would most likely lose the property. We didn't push the issue, as our lender is pretty nasty, so we signed it. We waited until our 341 to do so, then changed our mind and ended up rescinding the first and re-affing the second home just 2 days before our discharge with no problems. So you should have time to make up your mind. As always, checking with your attorney about what the laws are in your particular state will help guide your decision.

[happy_ira]

I'm in New York. Can I simply ride through?

[HHM]

Yes, you can ride through, but you mentioned "1st mortgage", Realize, to keep your home through a chap 7, you have to make ALL mortgage payments, both 1st and 2nd.

[b_girl]

Yup. We had to reaffirm our HELOC along with the 1st (it's with the same lender)...hated to but hubby isn't a renter and this bank is really nasty. Couldn't risk them foreclosing on us for a mere $5K. Even without a reaff, there is a lien on your property with the 2nd mortgage...ride throughs only work if you make the monthly payments on both.