Reaffirmations

Question:
I recently filed BK and signed a reaffirmation agreement on my home and have continued making payments as agreed. Question is the creditor will not respond to any inquires nor will they send monthly statments indicating I made the payments. NO contact at all. I am wondering if the creditor ever receieved the agreement from my attorney and what options do I now have????

Answer:
Do you live in a state that *requires* reaffirmations to be able to keep your home? If not, I strongly recommend revoking it. If not, the lender should be sending you statements and communicating with you. I am in the same situation. When I filed for ch. 7 in early January my monthly statements stopped as of March. I didnt know what happened so I call the finance co. and was directed to their bankruptcy division. The lady I spoke to was very helpful and ful of answers to the quesions that I asked. She stated that since I was in a bankruptcy situation that monthly statements will stop until a final decision on discharge is decided. She stated to me that I should still make my payments to them for the sake of keeping my home. My attorney received reaffirmation paperwork from them but recommended that I should not go this route. For 1 I was never late with payments, 2. My house is valued less than what it's worth and everyone would loose money if it was to be foreclosed upon. Further there are no tax issues here because I have a 3 year tax abatement on the property. I agree finding out what is right for your situation is the work of an attorney, I was going to file myself without the help of one but now I look back and think that was the best investment that I have made in years.





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