To reaffirm home or Not reaffirm Mortgage

[Mi Bankruptcy]

I guess that is what I am concerned about. If you don't reaffirm they could kick you out? Does not reaffirming a mortgage give power to the Wells Fargo to foreclose on my home at anytime even though I have never been late or missed a house payment? Additionally, if I stay in my home for another 15 years and want to sell even though I owe money.. Is it my home to sell because I did not reaffirm the mortgage?

[b_girl]

We did have to reaffirm our mortgage and HELOC if we wanted to keep our home...our attorney informed us that ride throughs on mortgages just won't work in our area. I tend to believe him, because our lender was all too eager to get their hands on our home (they filed a motion of abandonment with the court while we were still in our 60 days AND still in our home--not sure why). If you don't mind possibly having to rent if they do make you leave, don't reaffirm--but many here report successful mortgage ride throughs. As for reaffirming cars, I wouldn't at all. Ride throughs are usually successful on cars unless you happen to have Ford or GM (or a credit union) as lenders, then they tend to be pretty heavy handed.

[Mi Bankruptcy]

What I don't understand is the ramifications or possible concenquences that could derive from not reaffirming more concern for the homes rather than the house. I originally told my attorney I intended to reaffirm my cars and homes. Additionally, is the Trustee concerned that I am reaffirming.

For instance we know mortgages don't want homes. However, my house is continuing to appreciate. My taxes & insurance is in escrow. I assume if I don't reaffirm this will be affected?? True? not true?

[TEW]

dup post how does this happen.

[TEW]

Mi
It looks like you have given all of this a lot of thought. When I made my dissuasions I think what really helped me was the, if something happens to me thing. I didn’t take long looking at the numbers I had in front of me to see that my wife would be devastated financially on top of everything else. I think that is where the business part touches the family emotional part Bottom line you do what’s best for you and your family.

[HHM]

Frankly, there is no reason to reaffirm anything; cars, houses, consumer goods; no reason whatsoever.

[Mi Bankruptcy]

I meet with my Attorney this afternoon to actually pay the 299.00 to file.

I have been considering not reaffirming my home for the following reasons.

I am the sole provider for my family. If something happens to me I don't want my wife burdened with the debt if she had to move out of the house for foreclosure. I have never missed or been late on a payment for our home.

However, I am the only person on the loan. I also don't like that I have a high interest rate 7.5% and I might reconsider reaffirming if the lowered the rate and/or took off the MIP.

I am reaffirming two vehicles since I owe what they are worth and should be able to pay one off with our tax return in 2009. I have read plenty about reaffirming cars but not much about reaffirming homes. Our mortgage is through Wells Fargo. I definitely owe what my house is worth with some equity.

Any thoughts?