Countrywide, are they still not reaffirming?

[JasonK94Z]

Did a search and found that they do not reaffirm. Just want to see if anyone has dealt with them as of late to see if thats still the case.

If they don't, thats in our favor if we ever have to walk away from the house in the future.

[325Falcon]

Whats this about? I will be filing at the end of November and our mortgage is held by Countrywide. I just assumed that all mortgage companys would reafirm. What does it mean if they dont?

[JasonK94Z]

If they don't, then you are able to walk away from your house and the mortgage company can't sue you for any losses. The house still forecloses and you'll have a foreclosure on your record though.

Word is Countrywide doesn't sign reaffirmation's. Still get to keep your house as long as payments continue to be made as usual.

[Lindsay]

We have a subprime with American General Finance. We're upside down and planning on keeping the house which has a $750 payment. We didn't plan on reaffirming, but will just continue to make the payments. I don't think they can foreclose if you make the payments, but I may be wrong.

[SinkingFast]

That's the big unknown about New Law BK. What will happen if you don't Reaffirm, but continue to pay.

Potentially, when the housing market takes an upswing and values increase, mortgages that were not reaffirmed could be ripe for the pickin' of Lenders.

You could have significant market equity and the Lender could call the note on you. Forcing you to pay up or move. You'd have to refi quickly to keep your home, or Quick Sale to cash out your equity.