To reaffirm house or not

[Creolet]

Help please located in Louisiana.

[ezdriver]

Not.

[Creolet]

I have been current can't find the co owner to have him sign a quit claim. My husband and I want to prepare ourselves to buy a house once we build our credit back or would like for he and I to assume the property. I want to make the most of this ch 7 and don't want to be without a home. I've read the pay to stay And keep trying to get in touch with my attorney to get some answers but that's a challenge. Thanks for your input ez.

[grassfeeder]

never reaffirm.....any attorney that advices so, I'd fire!

[Creolet]

So I should just start paying again after my discharge until I'm ready to walk away? Will that hinder my bk to 700 in any way?

[ezdriver]

Even with the mortgage discharged, your name remains on the title until the property is foreclosed by the lender. Until that happens, your efforts to rebuild your credit will be impaired. I have seen many people post here that they remain in their properties long after the mortgage has been discharged by continuing to make payments to the lender. The downside to that strategy is the lender has no incentive to foreclose on the property and set you free from that "anchor".

[Creolet]

Wonder if I should just pay every other month??

[LieslMet]

From googling (haha), it looks like you'll have about 6 months in the home after you stop paying. Until then (if you decide to at all), include the house in the bankruptcy. If you keep on paying, you'll eventually own it clear. If you can't afford it or decide to stop, you won't be liable for the deficiency (between loan + fees and auction price.)

[StartingOver10]

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@grassfeeder wrote:
never reaffirm.....any attorney that advices so, I'd fire!

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Grassfeeder, in general you are correct. The big exception to this is if the filer has a lot of equity in the property. If there is a lot of equity it is in the interest of the owner to consider a reaffirmation.

[Creolet]

Well I am not under water in the home or is there plenty of equity in the house less than 20k. We are surrendering our high priced car that had the balance of my husbands upside down trade in added to it so we will be needing a car soon. I don't know what my income will be post military separation as I plan to become a full time student to finish my degree. Thanks for all your input I am still waiting on a call from my busy attorney to get specific answers to these questions that pertain to the state I'm in.