Last question before I sign the papers...

[TRfromillino]

Illinois only provides reaffirmation, surrender, or redeem in it's paperwork. I am not reaffirming, but hoped to be able to retain and pay. That option is not listed. So I guess the only thing I can do is surrender? It just sounds so ummm..drastic, when I really want to keep paying. I know, I know, can't have it both ways. lol But if I surrender, then to me, what reason do I have to keep paying if they're going to take it anyway?

[keepsmiling]

Lots of folks just write it in.
Have you spoken to more than one atty?

[TRfromillino]

Long story about my attorney..... I wonder if he would write that in? Worth a try I guess.

[AngelinaCat]

I have seen posters comment that they checked the Reaffirm box, and then for whatever reason, never went through with actually filling out the Reaffirmation papers themselves. In one case, the bank dawdled so in what they were supposed to do, that the debtor didn't get the paperwork until AFTER he had been discharged.

Could this be an option for you?

[pinkpeanut01]

Husband and I had different attorneys. Each attorney did it differently. My attorney just wrote it in. DH's attorney put "reaffirm" and then just never processed the paperwork. We both had seamless discharges, so at least here in my part of PA, either way works.

[TRfromillino]

I have 60 days to rescind an affirmation, correct? Maybe it would be better to reaffirm, wait to see what the bank does, and then rescind it later?

[LadyInTheRed]

I have 60 days to rescind an affirmation, correct? Maybe it would be better to reaffirm, wait to see what the bank does, and then rescind it later?

You can rescind a reaffirmation agreement anytime before discharge or 60 days after the agreement is filed with the court if the discharge occurs before 60 days passes. Checking the reafirm box does not reaffirm the debt. It only establishes that it is your intent to reafirm.

[TRfromillino]

I talked to the lawyers office today and told them I would surrender the house, instead of reaffirm to cancel said reaffirm. I'm not delinquent on my payments and as long as it stays so, perhaps I can stay. We talked for along time and I said despite all the lawyer work the bank can do against me, if I cannot make the payments at some time, I would rather try to sell the house in a traditional way, so that everyone walks away with most of what they need. I realize I will be on the short end of the stick but who caused it? Me. I should be filed before Thursday hopefully and we're off to the races. The only thing that scares me the most by surrendering, is that I won't be allowed to do a traditional sale, be forced into a short sale and then I don't even have a short stick to hold on to.

[justbroke]

This is why you sometimes need an attorney. The Statement of Intentions clearly has an "Other" box which is sometimes checked and the words "Retain and Pay" are written there. It is really up to the lender (creditor) to complain about you not checking redeem, surrender, or reaffirm.

It is purely strategy and you need to understand how to navigate your choices if the lender calls you on it. You can instruct your attorney to check Retain, then "Other" and enter "Retain and Pay". If it flies, it flies!

[TRfromillino]

Was told there was no 'other' box. I'll call again tomorrow to make sure. Geez I'm depressed...

[daveinIL]

We did stay and pay (in Illinois) and for the life of me I can't remember what we put there on the paperwork.

[AngelinaCat]

We did stay and pay (in Illinois) and for the life of me I can't remember what we put there on the paperwork.

Do you have copies of your paperwork? Or, if not, can you access your case via PACER? Your petition will be there.

[daveinIL]

Do you have copies of your paperwork? Or, if not, can you access your case via PACER? Your petition will be there.

Forgot I even had a Pacer account....we filed in May 2011 and the Other option was there.

https://doc-04-0o-docs.googleusercontent.com/docs/securesc/9i6ed63355rhn721s549ptcmg5660qio/3df88b8lqjf3o1kr1hilbce2k6qrkd0c/1361851200000/10526212823870180335/00889156835362612462/0Bx4jiakUbxBGQzQ3RGxabGIyQTg?e=view

[TRfromillino]

Thanks, Dave! I'll email them today and have them doublecheck for that and make sure that's the one they select. Probably not going to get up there to sign after work anyway since the weather is going to be bad.

[TRfromillino]

Well, because nothing is easy or simple in my world, here's what the reply from my lawyer was this morning when i asked about checking the 'other' box for retain and pay.

Retain and pay" is an informal option not recognized under the Bankruptcy Code. It's applicability applies to personal property only and it is totally permissive on the part of the lender. It has not appliciability to real estate. That is a matter, however, between you and your bank. If your bank is willing to leave you on the real estate in return for keeping the payments current, then that would be great.

My legal opinion must be that you reaffirm the debt in order to keep the house or you discharge the debt in the bankruptcy proceeding. As an attorney, I can only advise you that those are your only options.

If I get any more confused.......