Reaffirm or not?

What is the name of your state? TX

I need to know about reaffirmation.

I bought my home in '99 and got married in '01. I just filed for chap 7 (individual) and intend to keep our home. I called the mortgage co. and gave them the case number and told her we intend to stay in the house and make the payments. She asked if it was our intent to reaffirm the loan. I told her I wasn't sure at this point, that I knew it would have to be approved through the courts if I did.

1) Can they kick us out if we don't reaffirm?

2) What happens if we do reaffirm?

Your experience/useful information is appreciated. Thanks.

Hi worrywort. I too will be filing a chapter 7 bankruptcy here in TX - I've met w/ an attorney and am in the process of "gathering info". I hope to file by the end of next week.

I was curious about whether or not you decided to reaffirm your mortgage? If so, did you have to? If not, are you still planning on keeping your home. We are current on all payments on our house and one vehicle. It's the credit cards that got us! Anyway, I'm a little unsure about the whole "reaffirmation" thing esp. since the attorney wants $200 for each one I file. Any advice would be great.

the partial answer to your questions is here: [url]http://forum.freeadvice.com/showthread.php?s=&threadid=164709[/url] , just ask your atty if tx if in one of the applicable circuits, then you'll have the complete answer.

if your atty is charging you $200 per reaff you need to get a new atty, you're getting ripped off big time.

[kwalla]

Personal experience here...

You do not have to reaffirm. As long as you are making your payments every month, your mortgage company will be satisfied.

I reaffirmed my mortgage. Was there a benefit to do so? I don't think so. I just wanted my mortgage company to know that their loan was not at risk. I was hoping it would help maintain my business relationship with the bank.

From everything I have read, there is no benefit to reaffirmation. However, the benefit of NOT reaffirming your loan is that if you had an emergency and had to walk away from your home, you would not be held liable for the mortgage, forclosing fees, etc.

I'm sure our resident experts will have more information for you.