confused..

[kimmer73]

we filed ch.7 and are trying to keep the home, but our payment is so high i don`t think we will be able to keep it, my question is.. since it was not reaffirmed and included in the bk, will it go as a repossesion on my credit if we have to let it go back? i just don`t want to have a bk and a house going back cause of foreclosure on my credit, i want to get my credit good again..

bk7 was discharged 12/05

[bkfiler]

if you had an attorney then id speak to him about that for such an important questions.

my thoughts about it are if you bk'ed it and did not reaffirm then you are no longer responsible for it. they can only list on your credit report what happened up until the bk. anything that happens afterwards cant be reported.

[StaciMM]

I know that my vehicles did not show as a repossession-just included in bankruptcy/$0 owed. I don't know if a house would be the same, as a foreclosure is a more involved process. You would not owe anything-that is for certain.

[SinkingFast]

We are gonna have to let our house go. We moved for Hubby's job, the house is outa state, we haven't been able to sell it, so it's gonna have to go in the BK.

Attnys we've consulted with have all said the same thing. First they ask have we ever been thru a foreclosure before?? Done Deed in Lieu or been forced by a lender?? Nope. They've all said the same thing.

You can survive one foreclosure and be able to buy another house down the road. You cannot survive 2 foreclosures and be able to buy a house. Mortgage lenders simply will not deal with you then.

Foreclosure has an additional side benefit for us, that may work for you as well. We've owned our house for 14 years and accrued a lot of equity in it. Of course we refi'd the equity out a few years back to consolidate debts, but that's another story. By letting the house go in foreclosure, we won't be responsible for capital gains like we would be if we sold the house. In our case, that could be in excess of $100K, depending on sale price, due to property values increasing substantially over the years.

[bkfiler]

You can survive one foreclosure and be able to buy another house down the road. You cannot survive 2 foreclosures and be able to buy a house. Mortgage lenders simply will not deal with you then.

not true. it makes it harder to get a loan anytime soon but not impossible.

[SinkingFast]

I don't know personally, BK. Just relaying what we've been told by attnys.

This is all new territory for us. We've prolly only bounced 2 checks in 25 years. One wasn't our fault, but that's another story. Only spoke to a CA on one occassion and that was a mistake. We owed the hospital money, had set up a payment plan, and then somebody in accounting at the hosp let the account slip out to be handed over to a CA. We've always managed to pay our bills somehow. Until the CC limits and monthly payments were maxed, that is.

And here we are.

[bkfiler]

where did the 'bounced 2 checks in 25 years' conversation come into play?

is this another new topic? or is it in conjunction with the house payments?

[bkadv]

Our mortgage company told us that when we entered bankruptcy that as long as our payments were current they assume we are keeping our home, and a reaffirmation agreement was not necessary. Should we default then the home goes into foreclosure. All mortgage companies seem to differ in how they handle these matters.

[bkfiler]

i didnt understand. can you explain what you mean handle differently? what things might they do differently when you stop paying?

[SinkingFast]

Nah,........ Just saying I don't have a clue what's going on here. We're on the "Learn as we go along" program. Some other folks here had varying levels of experience coming in that we don't/didn't have. We've been married 25 years to each other. No other spouses. Not gone thru divorce issues, child support, alimony, ex filing BK, etc, etc, etc. Life experiences that others have had and learned hard lessons from.

And that is not a negative comment. Please do not take it as such. I live in a glass house and I certainly will not throw stones!! I feel especially fragile right now myself. This has been the most gut wrenching time in my life. Worse even, maybe, than giving birth to twins. And, I think everyone here feels the same.

[bkadv]

Like i've heard that some require reaffirmation, and others don't. Not sure since this is our first venture into this world of incredible do's and don'ts.
Our mortgage company also said that the payment cannot be over 30 days past due so long as we remain in bankruptcy. If that happens then the matter is turned over to an attorney, and we would incur other charges.

[bkfiler]

ok i see what you are talking about.

i have read of incredible 'extra charges' being added on. imo and just like staci said before, make the payments way ahead of time. no one can afford to get one late. i would suggesting making the payments right after the date it first shows up instead of when its due.

even if the person has to take a part time job for a few months to get to that point. its really an important matter.