{attorneyoney} .. or anyone else is welcome.. BK 7 OREGON Homeowner Question

What is the name of your state? OREGON

I have a situation that has a simple question. .. not guaranteeing an easy answer though

Mortgage company seeking a relief from stay. They are asking me to sign a paper for an extension of loan to forward the payments I am behind to the end of the loan and start fresh next month paying on time. My intention is to return the house eventually as it is a mobile home that is not worth more than 25000 and I don't want to pay 277 thousand in interest + value and no one will refinaince 55 thousand oweing for a 25000 home. Let alone Manf home.

Now is the quesiton:
In signing the paperwork for extension to forward payments (Which shows our next payment as august).. does this in anyway shape or form keep me from discharging the home in my BK?

I am worried we are reaffirming the debt.

The paperwork does say that the original contract will remain the same but will add 3 months to the end of the loan.

Jimmythegeek

[Ladynred]

Unless those papers are an actual reaffirmation agreement - which is different - I'd be inclined to say no. If you're behind in the payments and don't do something to catch them up, the court will grant the relief from stay and they bank will get the house back sooner rather than later.

What did you put on your statement of intentions regarding the mobile home ?

Wife and I put Retain but that was only becuase the peron doing the paperwork said to do it because we were still undecided at the time.

So are you inclined to think that they will not grant it if at the time the judge looks at the papers there is no back payment owing since they had me forward them to the end of the loan?

I was told by a Bank friend that it would still take them months to repo the house if they wanted to....my fear is that I will have a repo and a BK7 on my credit...is that true or no?

Thank you for your help in this!

Jimmy