Are you able to obtain a forebearance agreement during a Chapter 7 BK?

[optimistic1]

My attorney is trying to convince me to let go of the house, we are 3 months behind now, its FHA insured.

What are my other options if I decide to reaffirm the mortgage?

We are still on the fence and cannot make up our mind, but we are not doing a Chapter 13.

[Coldplay]

My attorney is trying to convince me to let go of the house, we are 3 months behind now, its FHA insured.

What are my other options if I decide to reaffirm the mortgage?

We are still on the fence and cannot make up our mind, but we are not doing a Chapter 13.

Okay, I'm not a lawyer nor do I play one on t.v. BUT in a Chapter 7 I believe you either have to surrender the house or reaffirm the mortgage. If you reaffirm the mortgage and have to walk away later you will be on the hook for that money. You won't be able to file Chapter 7 again for many years. You can file chapter 13 after a while but that still means you are on the hook for a portion of the amount.

I think after the automatic stay is lifted your mortgage company can work with you to try and get a forebearance but again they have foreclosed on people while they were still in a workout plan. Think long and hard before you reaffirm that debt. Can you rent somewhere else or even in the same town for less than what you are paying on your house ? Think of it in business terms and try and leave the emotion out of it. You need to do what is financially sound. Good Luck to you.

And if anyone has better advice or needs to correct what I've stated above. Please feel free.

[blessed]

Why do you want to keep it and why does your lawyer think it would be better to let it go? How much are the payments? How much is rent for a decent place in your area?

Remember you'll have to come up with 1st and last month's rent if you move, so that could very well be almost the amount to get the mortgage current. I don't know.

And while coldplay is technically correct, you could ride-through if you can get current.

[BKFOURAB]

I'm scratching my head - - You have over 1600 posts, since 2008, and you are asking this question?

[HHM]

I'm scratching my head - - You have over 1600 posts, since 2008, and you are asking this question?

I concur, haven't we addressed this before.

[Mensa1]

I'm scratching my head - - You have over 1600 posts, since 2008, and you are asking this question?

Emotions get in the way of substance. If the OP was answering this question for someone else, he could rendeer the correct advice. When it is concerning your own skin, suddenly the wants get in the way of needs; happens all the time.

[HHM]

If you are behind on your mortgage going into chapter 7, the first mortgage will most likely foreclose. In this market, I would not reaffirm ANY MORTGAGE. However, the bank can always agree to recast the loan and ad the missed payments on the back end, but doing so is at the banks discretion.

A chapter 13 will allow you to force the bank to accept payments for the arrears. Chapter 13 is the ONLY bk option that will allow you to keep the house and force the bank to go along with it.

What is your FEAR exactly? Think of it this way, has there ever been a day in your life when you did not have a place to live? So what exactly are you fearing about losing the house. Face your fear. Once you really sit down and write out the fear and worse case scenario, that scenario is not that bad. My guess, you would simply rent a place. So what is the problem?

[optimistic1]

The second thing this forum is all about is attacking other peoples character, that makes me scratch my head for than you can believe, because why are you bothering posting such a useless response I have no idea.

Now, yes, I am a BK Guru, mostly BK13 mind you, non delinquent mortgage experience mind you, and yes most likely I could very easily search through the threads all day, and I could search the net as well.

Did I feel like it at the time? No, especially when left with the task of work/life/and filling out all kinds of BK paperwork.

So I opted for posting a new thread, where hopefully someone could answer my question with a solid answer, not ridicule and disrespect, but of course this is BKFORUM.COM, where if you have over 1000 posts, you cant post a new thread or you look like an idiot. You people are rude IMHO.

Jesus, use some discretion, and dont bother posting if all you want to do is make an example out of someone.

I am going to create a new handle now, as this is required if you have over 1000 posts, yeah having over a 1000 posts is the same as being admitted to the bar for bankruptcy...

[HHM]

Calm down, I think this was all meant in a light hearted way. I did respond to your question.

[Coldplay]

optimistic1

I actually didn't notice the amount of posts you have made. It's not relevant. As Mensa1 said.. You've probably given alot of sound advice to others and you were just looking for some yourself. We all get those down days. Hope things workout for you.

BKFOURAB ~ I'm scratching my head - - You have over 1600 posts, since 2008, and you are asking this question?

I'm scratching my head as to how you thought that would be helpful ?

[justbroke]

What are my other options if I decide to reaffirm the mortgage?

Whether the bank will allow you to reaffirm is an entirely different scenario! If you are behind in payments, a reaffirmation needs to bring the loan current. The only way to effectively do that, is a modification. The positive thing is that you can do a modification of terms within the parameters of the reaffirmation! The negative thing is, that you just reaffirmed the debt.

I only ask that you carefully plan and think this out. Reaffirmation is a significant thing and even Judges remind pro se filers that it is. I am actually attempting to reaffirm mine, but I did all the math, weighed all the evidence (pro and cons), and made a business decision. However, if the bank doesn't want to do it, I don't care... I'm ready to walk.

(I have over 8,000 posts and still asks questions, albeit far and few between.)