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    #1

    ? confused.

    Our chapter 13 petition was filed today. Auction is set for Tuesday. We are behind on the home payments to Countrywide and Saxon Mortgage. They are included in our plan and we set normal payments to resume on the 1st of October. I am confused about all of the "reaffirmation" talk on the board. Do we have to get approved by them for the loan again? Sorry if this is a dumb question but our attorney didn't say anything about that.
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    #2
    Originally posted by truckerswife View Post
    I am confused about all of the "reaffirmation" talk on the board. Do we have to get approved by them for the loan again?
    The current bk law states that you must reaffirm, redeem, or surrender assets when you file bk. However, in practice, filers are finding that as long as their assets are not worth much more than their loan and they make their payments on time, even if you do not reaffirm, lenders are reluctant to foreclose or repossess. If the lender allows you to continue making on-time payments, they will eventually get all their money back - no guarantee if they foreclose.

    Your lawyer will be familiar with what's been happening during the last two years in your area. Ask what he/she recommends. You have time to request reaffirmation if that's what makes the most sense in your situation.

    Just remember that if you do reaffirm, if later you can't make payments and have to surrender the asset, you will held responsible for the difference owed after the asset is auctioned off. If you do not reaffirm, then you can walk away owing nothing.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      Our condo is worth about 85,000 and we owe 91,000 on it. I'm in Ohio if it matters.

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        #4
        Sounds like you should NOT reaffirm. They will not foreclose on you, as long as you make EVERY payment in the plan and beyond on time.

        The only other consideration would be this. If you do not reaffirm, they most likely will stop reporting your payments to the credit agencies, and this could hurt you in the future to rebuild your credit.
        Filed Business Chapter 7: 7/11/07
        341 Meeting: 8/8/07 Asset Case
        US Trustee reviewed case/resolved 9/14/07
        Discharged: 10/11/07 Closed: 11/2/08

        Comment

          #5
          Do I understand correctly??? You JUST FILED Chapter 13 and the home is going to AUCTION on Tuesday??? And you BELIEVE it is in your payment plan starting Oct 1st?????

          Somethings not right here....... if the home was in your plan, it would not be going to auction...... Also you haven't had time to get your plan approved yet..... also sounds like you haven't had your 341 meeting yet????

          You need to be talking to your attorney REAL QUICK if they are auctioning off your home on Tuesday.................

          Give us some more info.....
          Minny

          "It's amazing the paths that our feet sometimes follow in life".

          My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

          Comment

            #6
            Originally posted by Minnymouth View Post
            Do I understand correctly??? You JUST FILED Chapter 13 and the home is going to AUCTION on Tuesday???
            Minny, I'm thinking the OP's home was in foreclosure and scheduled to be auctioned when they filed Ch 13 bankruptcy quickly to stop the foreclosure. Once the sheriff finds out about the bankruptcy, the auction will be stopped.
            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

            06/01/06 - Filed Ch 13
            06/28/06 - 341 Meeting
            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
            10/05/06 - Hearing to resolve 2 trustee objections
            01/24/07 - Judge dismisses mortgage company objection
            09/27/07 - Confirmed at last!
            06/10/11 - Trustee confirms all payments made
            08/10/11 - DISCHARGED !
            10/02/11 - CASE CLOSED
            Countdown: 60 months paid, 0 months to go

            Comment

              #7
              Yes, I figured as much, filing can stop a foreclosure. She needs to make sure the attorney is doing the proper paperwork, especially if they plan on keeping their home (sounds like they want too).....hopely he will follow up where he is supposed too.... Doesn't hurt to check after the attorney (wish I had - could have saved myself a lot of grief).....
              Minny

              "It's amazing the paths that our feet sometimes follow in life".

              My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

              Comment

                #8
                Talked to attorney Friday morning and was told he was filing petition that morning. He told me that he was going to then call the Sheriff, and the Countrywide's attorney. The auction was originally scheduled for 9:30 this morning. Besides calling my attorney is there another way to make sure that it wasn't somehow sold? I've got that nagging voice in my head telling me that this is going to well. We are trying for 100% payback in 40 months. That still will leave several hundred a month for emergency fund. I was worried that they took every spare dime. I worked 10 hours last night on 3rds. I need to sleep but my stomach is all in knots.

                Comment

                  #9
                  Oh, I apologize if I wasn't very clear. My rear payments are in the plan. My current mortgage payments are not. My papers I filled out for the petition said that I would start making my current payments Oct. 1st.

                  Comment

                    #10
                    Update

                    It was just to much, trying to keep the townhouse. We couldn't make payments and keep up with all of the repairs (when it rains it pours). We are now living in a apartment which saves us over $600 a month, and that doesn't include repair bills. 2 months ago the stay was lifted for Countrywide. I looked online at the upcoming auctions. They list through the middle of January and it still does not list our/bank's house. Court records don't show us as in foreclosure either. How long will it take? In order to have reaffirmed would we have had to sign something? we didn't. So what will happen now? We turned the electric off. There are other residences on both sides so it stays warm. We still carry insurance on it. I just want to be able to not think about it anymore. I am so much happier here. I don't think I ever want to buy another home again.

                    Comment

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