Please don't yell at me...but I want to reaffim my mortgage

[bc0kwri]

I had my 341 meeting earlier this week. Now, I want to reaffirm my mortgage. My lawyer has agreed to petition the court for the judge can sign the reaffirm. agreement. He is doubtful the judge will approve. I want to know what leverage can I use for the judge to approve the reaffirmation. I've never been late on my mortgage and have a couple of thousand dollars equity. Therefore, I now I'm not going to walk away from my home. I had to file ch.7 due to a bad business, not because of loss of job, illness or other family issues. Any information will be helpful.

[HHM]

I won't yell at you

But what do you think the benefit will be to reaffirm (hint, there isn't any, but, might as well hear what you "hope" to accomplish).

[bc0kwri]

I won't yell at you

But what do you think the benefit will be to reaffirm (hint, there isn't any, but, might as well hear what you "hope" to accomplish).

I know I won't gain anything, but my father co-signed for me and I don't my bk to impact his credit at all. If something tragic happens I want them to come after me & not him. It would put my mind at ease of the security of being liable for my mortgage. My mortgage is only $900 which is less than people pay for rent.

[newbie2]

If you keep paying the mortgage then your filing won't have any affect on your fathers credit. If something "tragic" happens they will still come after you AND him. They'll come after whomever they can to get paid.

[HHM]

Reaffirming won't help you with that....

1. The BK, regardless of reaffirmation, SHOULD NOT/WILL NOT affect his credit. The Mortgage is NOT discharged as to your father because of your BK. So the BK cannot be reported on his credit report (if it does pop on, then dispute it).

2. As Newbie points out, if you reaffirm, that gives them the option to pursue BOTH of you. Again, reaffirming won't help.

Do yourself a favor, DO NOT reaffirm.

The ONLY way to accomplish what you want to accomplish is the refi the loan at some point in the future and get your father off the loan.

[Chowder]

I know I won't gain anything, but my father co-signed for me and I don't my bk to impact his credit at all. If something tragic happens I want them to come after me & not him. It would put my mind at ease of the security of being liable for my mortgage. My mortgage is only $900 which is less than people pay for rent.

His co-signing guarantees the loan. If you default on your obligation, they go after him. The BK removes that obligation.
Reaffirming has the potential to "impact his credit". Don't do it!

[BROKEDED]

Makes one want to ask why your attorney has not pointed these issues out to you. I don't know if this applies to your attorney but one of my biggest pet peaves is having to ask the right question to get the right answer. It often seems the more you pay for legal/financial/medical advice, the worse it gets.

[tdawg]

Hey bk0wri,

Good luck with what you decide. This can be pretty stressful.

Let me relay to you what has happened to me since no one here seems to talk about this possibility or understand what is going on in my case. From everything I have read here if you have no or negative equity in your house and are current on your payments you can "stay and pay". It seems to be extremely rare, so you probably won't have anything like this happen to you. I filed for bk in 2009 and listed my mortgage as "stay and pay". I was never late and have never been late since then and don't have any equity in the house (best guess is negative 20,000). At my 341 the trustee asked me if the number I gave was a good number for someone to call me at who could come take a look at it. I said sure, and after it was over I asked the attorney what that was about. She said that he could try to sell the house. I told her I was never late and that it did not have any equity. She said that didn't matter and that he could try to talk the bank into giving him money to do a short sale. I have never heard about anything like this here from anyone.

I got my discharge at the start of 2010, but my case is still not closed. I really don't know what is going to happen but my case has now been made an asset case and I have NO assets besides the house (which has negative equity).

Again good luck! I have no idea what the trustee is trying to do here (besides find a way to get money for himself). My attorney has asked him repeatedly what asset he is talking about but the trustee just refuses to respond.

[bc0kwri]

Tdawg...I'm sorry to hear about your case. I had my 341 earlier this week and the trustee exempt my home and my case has been listed as "no asset" my attorney is filing paperwork to get my mortgage reaffirm. I know many people is against reaffirming, but I want to just to be at ease. Strange things has happen to people who "stay & pay" and I just want the security of my mortgage company not trying to raise my interest rate, etc. Hope things work out for you!!

[scorpion35]

i reaffirmed my mortgage when i filed
but again i have close to $60000 in equity

[Chowder]

.......I just want the security of my mortgage company not trying to raise my interest rate, etc.

The terms of your contract do not change.

[Chowder]

i reaffirmed my mortgage when i filed
but again i have close to $60000 in equity

And you're in Florida. The district operates with a set of reaffirming guidelines that the rest don't yet use.
As long as you make your payments in a timely fashion, equity is safe in a stay and pay, plus you have the 'what if' option.

[AngelinaCatHub]

And you're in Florida. The district operates with a set of reaffirming guidelines that the rest don't yet use.
As long as you make your payments in a timely fashion, equity is safe in a stay and pay, plus you have the 'what if' option.

Yes we are blessed in FL as is TX and AK. Homestead laws here protect your house. It can be leaned, but not taken for debt barring two things, taxes and mortgage default. You are perfectly safe keeping up to date with mortgage. 'Hub