Re: Re: CH 7, mortgage, reaffirming....

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Posted by: PuzzledinKY on 04/10/03:

In Reply to: Re: CH 7, mortgage, reaffirming.... posted by: scooby on April 10, 2003 at 13:39:29:

: I don't understand the 20% equity question. It sounds to me like you are negative 25%. Yes the debt will be discharged from you personally, however the debt will still be attached to the property.
Sorry, I wasn't very clear. I was just thinking that to the trustee, if I don't reaffirm the second mortgage it would look like I owned 20% of my house since the first mortgage is only 80% of the value. I do understand that they have a security interest, I was just thinking about how it would look on paper.
I told our attorney that we were concerned about having to move in the next few years, before we would be able to pay down our second mortgage. Before we filed, she even suggested we think about that further and possibly postpone filing, but we were already too far behind on everything else and we don't know for sure that we will be moving. I wonder why she didn't suggest we not reaffirm? I've left a message for her; hopefully she will call me soon and I can ask.
Thanks for your help!

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Comments:
: : I don't understand the 20% equity question. It sounds to me like you are negative 25%.  Yes the debt will be discharged from you personally, however the debt will still be attached to the property.

: Sorry, I wasn't very clear.  I was just thinking that to the trustee, if I don't reaffirm the second mortgage it would look like I owned 20% of my house since the first mortgage is only 80% of the value.  I do understand that they have a security interest, I was just thinking about how it would look on paper.

: I told our attorney that we were concerned about having to move in the next few years, before we would be able to pay down our second mortgage.  Before we filed, she even suggested we think about that further and possibly postpone filing, but we were already too far behind on everything else and we don't know for sure that we will be moving.  I wonder why she didn't suggest we not reaffirm?  I've left a message for her; hopefully she will call me soon and I can ask.

: Thanks for your help!




 
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