Hello, and a humble request for help - please?

[StaciMM]

It could not have been to come to the choice of letting the house go, but based on the info you've given (mortgaged for more than its worth, bad commute to possible work sites) it sounds like a sound decision to move on.

One thing to consider-if your state does not REQUIRE you to sign a reaffirmation agreement, you should be able to keep your payments current and keep the vehicles yet still have the BK protection if something comes up down the road and you don't want to keep one of the vehicles or its payment. Think heavily before signing anything. (Not something you'll need to decide before filing, by the way.)

For me, I have a balloon payment due on a car (not worth the remaining payments and certainly not worth a balloon payment) after 21 more payments. I am not in shape-credit wise-to get a new/used car payment any time soon, but should be better off before that balloon is due. By not signing a reaffirmation, they can't come after me if I decide to give the car back in a year, 18 months, etc.

Hello again,

After a lengthy discussion with my wife, considering the cost (burden) of the mortgage, the fact that we owe $121,000 on it, and it only appraises for $115,800... + the payments are going up annually due to the A.R.M. we are under - we have finally come to the conclusion that it would be best to include the house in the Chapter 7 filing and only try to retain our vehicles, as necessary to get to and from work. Both vehicles are well worn and we owe much more than they are worth. That said, I don't think we will have any problem reaffirming the loans on either of them (also we are current on the payments).

[bezoar]

I think that Texas requires reaffirmation - could be wrong. Probably does make sense to let the house go if its mortgaged beyond its value & has an ARM on it - those things kind of scare me.

At least you're near Dallas - it shouldn't be too tough to find some sort of work. Its a really busy place.

[Minnymouth]

Don't sign reaffirm papers if you don't have too, just keep payments current on your vehicles. Since your are not behind on payments - I don't think they can demand you sign papers...
I would not sign till I had too, leaving the door "open" to surrender with no penalties later if needed.
Circumstances on the home - probably a good idea to surrender and move closer to jobs.....
Home will have to foreclose, so you will have time to save some money for future use.

Keep us posted,

Minny