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  1. #1
    Join Date
    Jul 2008
    Posts
    2

    Default Trying to Re-Affirm Home After Chapter 7

    My question involves bankruptcy in the state of: Arkansas

    My husband and I just attended our hearing for our Chapter 7 and things were working out smoothly. We were originally going to let the home go and move onto his Dad's property so we did stop paying our mortgage and put money in the bank instead to fix up the house on his father's land. The home was in foreclosure which was stopped due to the bk but now they filed a relief from stay.
    Plans have changed (the house was in worse shape than we were lead to believe) and now we want to stay in this home. Our attorney has filed against the motion and has assured me we will not have to go to court again, or at least his secretary has. I cannot get into see him. She is telling me that since we plan to reaffirm on the loan, we've kept insurance on the house, have called to try and catch up on payments (and been tossed around the bank's phone system), have not abandoned the home, and have the cash to get caught back up on payments that it will not be a problem. However, I've done research and have read that they can deny reaffirmation and that fighting a relief from stay in a chapter 7 is very hard. The court date on the relief from stay is August 1st, and I have also learned that if something happens and we do end up going to court and the relief is granted they can kick us out and auction the home that day. I have 2 little girls and 4 pets and would like to be prepared for the worst.
    Can someone please help me here with the odds that the bank will allow us to reaffirm and get caught up? We've only been in the home for 2 years and I know equity can be an issue as well. I just wish my attorney would take time to explain everything for me and make me feel better instead of just having his secretary tell me "Oh everything is going to be fine".

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Trying to Re-Affirm Home After Chapter 7

    Do you have any equity in the home? If not, the bank is probably going to think twice about choosing foreclosure over reinstatement, as it generally costs a bank $30,000 or so to complete a foreclosure. Unfortunately, I have no way of knowing the bank's policies, and as I have only a fraction of the information your lawyer has any guess I make as to the future will likely be less accurate than your lawyer's.

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