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Re-affirmed (not signed) house we can't afford

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  • Re-affirmed (not signed) house we can't afford

    We never had any luck trying to get a loan mod, HAMP or assistance with a professional loan mod company.

    We filed BK and it was discharged last month. On the BK paperwork, we said we intended to keep ("reaffirm") the house. The bank never sent reaffirmation paperwork and so we haven't signed anything. We are current on all payments.

    Now husband's job is in jeopardy. What happens if we lose more income and can't pay on this "unsigned reaffirmed" house?

    I imagine our credit is really bad after the BK, but if we had to walk away from the house too, how bad would it be? After all the house was listed in our BK paperwork (no reaffirmation papers signed with the bank) what would happen?

  • #2
    Oh gosh, that's... horrible. Who was your lawyer? there is no reason to ever reaffirm a house loan, except in very unusual circumstances; the retain and pay option allows you to keep the house but still have the debt discharged.

    I would find out from your lawyer if the loan is really reaffirmed. If so, you're in bad shape and I have no idea what to say except seek asylum in a different country... if not, then breath a sigh of relief and do whatever.


    • #3
      From what I read on these boards, you should be fine if you never reaffirmed 'in writing by signature.' I have a lot to learn though and certainly could be reading it wrong. I'm interested to see what others have to say.


      • #4
        Unless you signed a separate document called a Reaffirmation Agreement AND that document was filed with the Court AND the Judge entered and Order approving the Agreement you did not reaffirm anything. You are free to walk away and not owe a dime. You can live in your home rent free until such time as the property is foreclosed under the foreclosure procedures used in your State. The only exception to "rent free" would be if you have an HOA. You must pay the HOA until the property is foreclosed.


        • #5
          Originally posted by despritfreya View Post
          Unless you signed a separate document called a Reaffirmation Agreement AND that document was filed with the Court AND the Judge entered and Order approving the Agreement you did not reaffirm anything. You are free to walk away and not owe a dime............
          That is absolutely correct.
          Checking a "reaffirm" box on your BK application is only a statement of intent, and NOT a reaffirmation agreement.
          Also, since your house was "included in bankruptsy", a foreclosure will not show on your credit report.
          I would restart the loan mod process (even if you don't want a mod) to delay foreclosure by several months, as they are not supposed to FC while under active review of a loan mod.


          • #6
            OK much thanks!!! :::: sigh of relief:::::
            We only checked the reaffirm box......but never received any reaffirmation paperwork from the lender, therefore, neither our attorney or us signed anything.

            Thanks for the advice !!


            • #7
              Originally posted by Depressed64 View Post
              OK much thanks!!! :::: sigh of relief:::::
              We only checked the reaffirm box......but never received any reaffirmation paperwork from the lender, therefore, neither our attorney or us signed anything.

              Thanks for the advice !!
              Same thing happened to us, we thought we had reaffirmed because we checked the box too. Big relief to find out that you have to sign other paperwork.

              Glad to hear the same thing happened to you and you aren't stuck!


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