Not really worried about them filing for relief of stay.
But who's to say that 2 years from now, when I only owe them $3500 they might decide "Hey, we can make more off this by forclosing and auctioning it, than we will make on the rest of his payments"
From what I understand.
Without a reaffirmation, I actually have no claim to the house after the debt is discharged in BK. Which is why I can walk away from it without any ramifications.
But the flip side is, the bank can actually forclose at any time. They don't actually need any kind of reason. Just most don't as it is easier and more profitable to just keep accepting payments
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I would wait and see what your attorney thinks. Since you're continuing to pay..they don't really have much of a reason to file for relief of stay to attempt foreclosure.
Also, have you tried a loan modification? You might qualify for some of the recent federal programs...might be able to just eliminate the rest of the mortgage completely...
But might want to wait until after your discharge to try.Leave a comment:
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Reaffermation, with a twist
Ok, I'm not quite to the point where I really have to deal with this, but I like to get ahead on things so I am prepaired. (filed either today or tomorrow, not quite sure yet. 341 not until the end of next month)
I know that usually, it is best to not reaffirm the mortguage, and instead just pay-and-stay. That way, if something happens down the road, you can walk without being on the hook for the balance.
But I am in an odd position.
My house will be paid off in 3 years.
I only owe $11,000.
So, if my bank does offer me a reaffirmation, I am thinking I should jump on it.
This close to the end of house payments, I don't think I want to risk the bank actually forclosing. (I know, not likely at all, but you never know)
Anyone think signing would be a bad idea?
If so, what am I missing in my thought process?
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