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cecile123 · Joined: 30 Oct 2009 Posts: 1 1.43 Dollars($)

I currently on bk proceeding with a 341 meeting scheduled on Tuesday. I'm confused on what to do with my loan mortgage getting different answers from lender/lawyers. My petition states that i want to reaffirm and continue making payments, however there is a possibility i will lose job next year and my sister who is a join in my account got her hours reduced by 50%. I'm not should if I can afford in the future payments and don't want to be locked in mortgage. My lawyer said I can file amendment and surrender property; can I do amendment after 341 meeting? The lender did not send any reaffirmation letter and I am only 15 days behind on my mortgage? Can I still do a deed in lieu after the 341 meeting ? What's the timeline for me to sign in a reaffirmation letter? I tried loan modification before and I was turned down because both of us have a job currently? What are my options in CA state? My house is $150K negative equity and only has one loan.

Niicss · Posted: Mon Nov 02, 2009 2:41 am Post subject:

You will have to sign the reaffirmation letter before your bankruptcy is discharged. If you reaffirm the debt and do not pay it off, then the lender would simply foreclose the property. As far as my knowledge is concerned, you would be able to make amendments to your bankruptcy filing regarding reaffirmation after the 341 meeting.

If you want to get rid of the property, then you could have applied for a deed in lieu of foreclosure.

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