another questions about reaffirming mortgage

[TBLTZ]

Im hoping i will be able to a chap 7 which looks like i can if i can included day care.

My questions is I want to keep my house 100% Im probably only 10 or 20k under right now and once the house market comes back i should be ok. Never late on any payments.

I know i want to reaffirm the mortgage. If wells fargo decides not to reaffirm am I allowed to back out of the chap 7? I just want to keep my house because if i go bk i don't know if i can save enough to buy another one.

Thanks

[chad9162]

The Bankruptcy Code does not require you to reaffirm real property so why would you. As long as you keep paying and stay current they can not foreclose. Even if you are late they will not immediately foreclose.

People need to realize its just a "house" and not a home. Homes cause bad business decisions. In your case your "home" might prevent you from a Chapter 7. Obviously you wouldn't be here unless you "needed" to do it. Letting a house stop you from making the correct "business" decision will only make your situation worst.

When you say "I don't know if i can save enough to buy another one." I wonder if you can even afford the house your in. If you can't save any money, that's a huge indicator your finances are BAD.

**To answer your question I'd be shock if Wells Fargo didn't allow you to reaffirm. Why wouldn't they since reaffirming now makes you personably liable again. It gives them someone SUE. Just be aware that some judges aren't allowing reaffirmations on real property because they consider it a hardship to make you "liable again." I have read that case law supports the agreement even if the courts do not sign it. Lastly, I'm pretty sure you can back out of Chap 7 before discharge. I almost certain your creditors won't object.