Thanks so much Tom. Your explanation really helps to clear this up for me. There is so much confusion about reaffirmation, local laws and then each case is somewhat different. I appreciate your wise input.
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Reaffirmation glitch?
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Originally posted by tcreegan View PostIn theory, if you didn't reaffirm, the unsecured is discharged in the BK and the 25K secured survives as a lien on the property. Lender releases the lien when paid or in a settlement.
I thought the LIEN remains unchanged, no matter if it's partially unsecured or not. So in other words, I thought the lien should still be $59K.Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.
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