reaffirmation - means
so its my understanding that since I am unemployed the trustee will not allow me to reaffirm my house and car in a CH 7.
I want to go ahead and file now as I believe my prospects are pretty good for finding a new job prior to my 341. My theory being I can take a lower paying job just to get through the 341 and continue to look for something that pays more after.
From my search I gather that some are opposed to reaffirmation and I am under water on my homw (-15,000) and car (-6000) but it seems ride throughs are risky and I would think it is better to reaffirm.
When you reaffirm, do mortgage companies typically modify for you, i would like a lower rate, are they more likely to work with you in a bankruptcy reaffirm, it is through HFC - HSBC at a 10% rate, i would like it lowered or if they can lower my principal. I have no intention of moving this was grandmas house and I have always lived here and feel I can ride out the housing bubble.
I have a good rate on the car 6% but am upside down, would you do a 722 redemption to write off the -6000 equity of just reaffirm at the 6% rate, I calculated it and if I got a 722 at a 22% rate the payments would only come out $20 less per month than what I a paying now.
I have several consultations set up over the next week or so, I have only done telephone screenings and just feel strongly I should know what my goals are in this before I sit down with the lawyers so I can know if they are giving me what I want as opposed to what they want.
Thanks in advance for your responses.
I want to go ahead and file now as I believe my prospects are pretty good for finding a new job prior to my 341. My theory being I can take a lower paying job just to get through the 341 and continue to look for something that pays more after.
From my search I gather that some are opposed to reaffirmation and I am under water on my homw (-15,000) and car (-6000) but it seems ride throughs are risky and I would think it is better to reaffirm.
When you reaffirm, do mortgage companies typically modify for you, i would like a lower rate, are they more likely to work with you in a bankruptcy reaffirm, it is through HFC - HSBC at a 10% rate, i would like it lowered or if they can lower my principal. I have no intention of moving this was grandmas house and I have always lived here and feel I can ride out the housing bubble.
I have a good rate on the car 6% but am upside down, would you do a 722 redemption to write off the -6000 equity of just reaffirm at the 6% rate, I calculated it and if I got a 722 at a 22% rate the payments would only come out $20 less per month than what I a paying now.
I have several consultations set up over the next week or so, I have only done telephone screenings and just feel strongly I should know what my goals are in this before I sit down with the lawyers so I can know if they are giving me what I want as opposed to what they want.
Thanks in advance for your responses.