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chapter 7 & mortgage

Date: Sun, 10/10/2010 - 19:03
Submitted by on Sun, 10/10/2010 - 19:03
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Filed ch-7 on 9-25-10 , i have meeting with trustee in two weeks , i am current on my mortgage it was inclued in bk . when i checked my latest credit report it showed zero balance for my mortgage from PNC bank i went to web site to make a payment and it said account does not allow transactions . when we filed for bk the lawyer has on papers we plan on keeping house and making payments ,does anyone have any feed back before i call my lawyer. we have 3000 equity in house and want to keep house .


wow!!! Thank you very much , I was worried ! can i ask another question . I loked over bk paperwork and it states the we intend to keep property we live in but i read earlier that you cant reaffirm mortage that is in bk. how does this work.


Submitted by on Mon, 10/11/2010 - 02:51

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Quote:

Originally Posted by despritfreya
There is absolutely no need to "reaffirm" a mortgage. In fact, doing so is a very bad idea. Just keep making your monthly payments.


im still not sold on that. if you have steady income, why not reaff it and let it help your credit that was just tanked by the bk. if you don't reaff it it will not show up on your credit report as being paid.


Submitted by blackbeasst on Tue, 10/26/2010 - 12:46

blackbeasst

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Quote:

Originally Posted by blackbeasst
im still not sold on that. if you have steady income, why not reaff it and let it help your credit that was just tanked by the bk. if you don't reaff it it will not show up on your credit report as being paid.


Do a search on this topic at www. bkforum. com (no spaces) and you will find out why. I even think one of the members "blogged" my last essay on this topic.

Des.


Submitted by despritfreya on Tue, 10/26/2010 - 19:31

despritfreya

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I am new to this forum and am preparing for filing for Chap 7. I have a vehicle and it's worth $10,000 (and it's paid in full). I live in AZ and have spoken to two BR attorneys. They both say that I am only allowed to keep a vehicle worth $5000 or less. I told them I would like to keep it - so they said that I had to have a secured lien against it for about $5200. To do this I could either have my parent's do it and or a title agency (these scare me to death!). This sounds a little underhanded to me. Is it true if my parents give me $5200 and we have the paper work done up, a security agreement and promisary note, then I can keep my vehicle? (and YES, I will be paying them back for it in interest!)


Submitted by on Sun, 10/31/2010 - 00:27

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