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yet another reaff question about mortgage

Date: Thu, 07/15/2010 - 05:49
Submitted by blackbeasst on Thu, 07/15/2010 - 05:49
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ok so im filing for chapter 7. i am wanting to reaffirm my mortgage so it will still show as paying to the credit bureau. my question is, can i call my mortgage company, either before the BK is filed or during, and ask them if there is any way they can either lower the interest rate or eliminate the PMI or something to make the payments lower? after all i am going to be agreeing to pay it by reaffirming.

anybody ever dealt with that?

also would that work with my car too?


I would talk to your bank first before filing, cause after that they will not be able to talk to you.

Also Resource your lawyer before you pick one, don't go with the first one you see or talk too.

When you refirm, they will probably keep the same interest and payment. It is just for them to refirm so if you do get forclosed on or default on it, they can still come after you.

I am not sure the best route since our laywer screwed us on our house, he wont refirm it and the bank and their laywers wont work with us cause they are not allowed to talk to you during BK until your discharged only your laywer can speak with them.


Submitted by on Thu, 07/15/2010 - 08:24

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Quote:

Originally Posted by blackbeasst
ok so im filing for chapter 7. i am wanting to reaffirm my mortgage so it will still show as paying to the credit bureau. my question is, can i call my mortgage company, either before the BK is filed or during, and ask them if there is any way they can either lower the interest rate or eliminate the PMI or something to make the payments lower? after all i am going to be agreeing to pay it by reaffirming.

anybody ever dealt with that?

also would that work with my car too?


you are filing pro-se right?if so i would contact the bank,and whoever who financed the car.also check with the court as if their is a form you need to fill out.that is important to make sure,and communicate with both parties.


Submitted by paulmergel on Thu, 07/15/2010 - 08:34

paulmergel

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Quote:

Originally Posted by Anonymous
I would talk to your bank first before filing, cause after that they will not be able to talk to you.

Also Resource your lawyer before you pick one, don't go with the first one you see or talk too.

When you refirm, they will probably keep the same interest and payment. It is just for them to refirm so if you do get forclosed on or default on it, they can still come after you.

I am not sure the best route since our laywer screwed us on our house, he wont refirm it and the bank and their laywers wont work with us cause they are not allowed to talk to you during BK until your discharged only your laywer can speak with them.


well crap it seems like the bank would wanna work with me to keep getting something with me reaffirming versus not reaffirming and just walking away!


Quote:
Originally Posted by paulmergel
you are filing pro-se right?if so i would contact the bank,and whoever who financed the car.also check with the court as if their is a form you need to fill out.that is important to make sure,and communicate with both parties.


nah paul i have retained an attorney.


Submitted by blackbeasst on Thu, 07/15/2010 - 08:43

blackbeasst

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Quote:

Originally Posted by blackbeasst
well crap it seems like the bank would wanna work with me to keep getting something with me reaffirming versus not reaffirming and just walking away!




nah paul i have retained an attorney.


okay then.i would consult with both your attorney,and the trustee then as i have heard stories about BK lawyers telling people they didn't have to reaffirm,and it came back to haunt them.ask your attorney alot of questions,and if you still aren't sure.speak to the court trustee.above all be sure.


Submitted by paulmergel on Thu, 07/15/2010 - 08:46

paulmergel

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Quote:

Originally Posted by paulmergel
okay then.i would consult with both your attorney,and the trustee then as i have heard stories about BK lawyers telling people they didn't have to reaffirm,and it came back to haunt them.ask your attorney alot of questions,and if you still aren't sure.speak to the court trustee.above all be sure.


i just don't want it to get too far involved where i get screwed and can't do anything. is it possible to speak with the trustee before i file i wonder?


Submitted by blackbeasst on Thu, 07/15/2010 - 12:32

blackbeasst

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I am not sure if you can talk to him, I was advice to not try and contact him since he is super busy.

Ever since my trustee meeting, he hasn't tried to contact me in any way and its been almost 2 months since my meeting.

Well goodluck to you and hope for the best. I am almost done with my bk ch 7 and I really am hoping for a good outcome.


Submitted by on Thu, 07/15/2010 - 16:51

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The trustee is not going to be able to advise you on this situation. He cannot give you any form of legal advice. He will ask you to consult with your own attorney. As for reaffirming your mortgage its mostly not recommended by attorneys. You can try to negotiate the terms of your mortgage as part of your reaffirmation agreement, but depending on your bank they may or may not budge. Here is a good article that discussed reaffirmation agreements and what you can do.

Reaffirmation Agreements in Bankruptcy


Submitted by on Thu, 07/15/2010 - 19:24

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BK you either didn't post a link or the mods removed it!

like i said i am not going to have a problem making the payments. we are planning on living there at least 5-6 more years.

i am filing single BK and my wifes credit score is just north of 800. i want to sign it so it will still keep reporting to the bureaus since both my wife and i are on it so it will keep her's up and start rebuilding mine.

is there any reason not to sign it if i foresee us able to make the payments? if we do sell it in 5 or so years there won't be any affect on a new mortgage will it?


Submitted by blackbeasst on Fri, 07/16/2010 - 06:29

blackbeasst

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You can ask but I think they would probably have to do a new credit evaluation in order to give you lower payments/interest....not sure how they would react if they knew you were filing chapter 7, they might just say go ahead....I think if I were you I would pose these questions to your lawyer before you do anything in order to protect yourself legally :)


Submitted by Sassnlucy on Tue, 07/27/2010 - 09:58

Sassnlucy

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[QUOTE=Sassnlucy;728074]You can ask but I think they would probably have to do a new credit evaluation in order to give you lower payments/interest....not sure how they would react if they knew you were filing chapter 7, they might just say go ahead....I think if I were you I would pose these questions to your lawyer before you do anything in order to protect yourself legally :)[/QUOTE]

well the house will not be involved in the BK as i plan on reaffirming and keep paying it. but if i can manage a lower payment before hand then that would be nice!


Submitted by blackbeasst on Tue, 07/27/2010 - 11:20

blackbeasst

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