Has anyone ever kept there home in a chapter 7? what happens? do you just reaffirm the mortgage? we only have about 30K equity in the home. thanks in advance for any input. I am sure this question has already been asked but if someone can help me out I would appreciate it. we are just looking forward to our new beginning we have our 341 on 10/21.
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Our House Story after 341
We had our 341 today. We decided to keep the house and the car.
Our lawyer advised us to not reaffirm these. She said our car is almost paid off....4 payments left...and to just keep making the payments.
For the house, she advised us to not reaffirm. Our mortgage lender is one of the "nice" lenders that will just keep letting us pay the mortgage and they WILL continue to report to the credit bureau the payments are being paid. Also, she advised that we cannot see into the future and if our incomes would continue to drop then we could walk away for the house since it was listed in the BK.
Oh I forgot to add....our DMI is -$167.00 and the lawyer said we would have to go before the judge to reaffirm and we don't want the courts "looking in detail" to our expenses. And, becasue we are in the negative DMI then the judge would deny the motion to reaffirm at this time on the car.07/24/09 -- Filed Chapter 7
09/22/09 -- 341 Meeting
09/25/09 -- Pacer States "No Assets"
11/25/09 --DISCHARGED!!!!!!!!!
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Did you have an attorney? Hopefully they told you what you can exempt in your home. I am assuming he/she did and $30K is ok. We did not reaffirm either our 1st or 2nd. We were current before we filed on both and remained so during and will remain so after lord willing. We did a ride thru. Our BK was not complicated and we had no problems. Most recommend not reaffirming, and after a few scary stories told to us by our attorney's paralegal on clients that did reaffirm, we decided against it. Not a big deal to either mortgage company, they accepted our payments during the process and as soon as the official papers are sent out to them and us, I will call and hopefully be allowed to go back to either auto pay or atleast online payments.
Good luckFiled Chapter 7 June 4 ~ 341 July 20 ~Last day of objections Sept 18~Discharged/Closed Sept 21Comment
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