Why would WAMU/Chase check your Credit Report??

[BobandArlyn]

OK, still waiting to hear about the perm mod....Made 5th trial payment. File Chapter 7 BK and included house in the BK. WHY would WAMU/Chase be wanting to check the credit report? Do you think they will want to offer a mod, then it be signed, thus reaffirming it?

Thanks all!!!

[WCNurse]

That was about the time they checked our credit...after our 5th trial payment. We also had filed Ch 7 bk and included the house...it was discharged in July 2009. Started our trial mod Oct 2009 and just received our permanent mod docs last week after 6 trial payments. Because we have already been discharged in BK, the permanent mod docs say that we are not reaffirming the debt....so no worries about that!

[BobandArlyn]

That was about the time they checked our credit...after our 5th trial payment. We also had filed Ch 7 bk and included the house...it was discharged in July 2009. Started our trial mod Oct 2009 and just received our permanent mod docs last week after 6 trial payments. Because we have already been discharged in BK, the permanent mod docs say that we are not reaffirming the debt....so no worries about that!

Thanks WC! Now, then what good is the perm mod if you are not taking responsibility for the debt? I'm confused. So, you are basically RENTING from them at a lower rate and can walk anytime or they can tell you to walk? Confusing. Thanks WCNurse.

[ItWillWork]

I also wonder about all the not reaffirming I read on here. When I met with the lawyer to start my Ch7, he strongly believed I either reaffirm, or don't get to keep the property. I wonder if each state is a little different?

[montana59451]

WE filed Ch. 7 end of Feb. B of A came right out and told us that they do not reaffirm BUT the continued payments on the mortgage IS the reaffirmation agreement....I doin't agree with that but anyway when we filed we indicated that we wanted to reaffirm because I do not trust them even though we got our perm. mod (in house) in the beginning of Feb

[WCNurse]

Now, then what good is the perm mod if you are not taking responsibility for the debt?

It's good for us because we get to stay in the home paying a much lower payment each month (over $685 savings a month for us!) and because we didn't reaffirm the debt, if something was to happen, say I lost my job or became disabled and couldn't afford to pay the new amount, I could still walk away with no consequences. The only negative I see in not reaffirming is that the payments I do make do not show up on my credit report anymore since it shows IIB (included in bankruptcy) with a zero balance. But since I'm on the Dave Ramsey plan and don't care about my credit score anymore, it doesn't really affect me!

When I met with the lawyer to start my Ch7, he strongly believed I either reaffirm, or don't get to keep the property.

That is not true...as long as you still make your payments, you get to keep the property. I see your in CA also so I'm not sure why he would say that....Personally, I wouldn't reaffirm. We didn't reaffirm our vehicle either but continue to make the payments and still get to keep it.

[litehouse01]

Probably checking to see if any additional debts have been added that can be counted in your debt to income ratio...just a thought

[litehouse01]

Bob And Arlyn good to hear from you again on the forum...I have missed your posts....how are you all doing? Your chapter 7 should be dicharged soon shouldn't it?

[BobandArlyn]

Thanks everyone! Guess should see a real estate attorney on this while I still have EAP privileges. I'm thinking that Montana might be right.....that continuing to make payments AFTER mortgage modified IS considered INTENT or REAFFIRMATION of the loan. Will check on that.

Hey Litehouse....Our lives have been full of family wackiness (in-laws, cousins, etc). Keep trying to get on this forum and seem to still be more off than on right now. Hopefully, things will settle down.

BK7 should be discharged by April 10. Seems like forever. How are you doing Litehouse?

[litehouse01]

Pretty good Bob and Arlyn thanks for asking...finally got the 1st mod done and squared away now going thru the process with the 2nd mortgage with chase after that since all the unsecured debt is in Hubby's name he will file chapter 7 to clear it off but not until the 2nd is modified...We already spoke to a bk attorney about it and now just waiting ...the bk attorney wanted us to do a chapter 13 to strip off the 2nd but to tell you the truth I don't think I could endure 3 yrs of it as a matter of fact I know I can't so chapter 7 it will be..if we can get it filed by summer it should be discharged this yr...we are in the process of going thru the house and listing and putting a yard sale value to everything and getting all the necessary paperwork in order so when its time to file we are ready...Just did the taxes as they also had to be filed before filing...the attorney said to give him 4 yrs of returns I guess they want to make sure there are no hidden assests...How difficult was chapter 7 to go thru?

[BobandArlyn]

We converted our 13 to a 7 after about 8 months I think. It was easy. Two meetings BK court, Confirmation Hearing (30 seconds), Meeting of Creditors. No one showed. Attorney asked a couple of questions about cars we have (non-working project cars). Wait 2-3 months for creditors to object (none so far). We filed our taxes January and attorney said, no problem. We kept our refunds with no problems!!

Lighthouse, it will be easy for you! No worries!

[litehouse01]

Thanks Bob and Arlyn...thats what I am hoping that it will go smooth and we can finally have some peace of mind and stop getting collection calls all the time..did you also have to supply 4 yrs worth of tax returns?

[snapple candy]

WE filed Ch. 7 end of Feb. B of A came right out and told us that they do not reaffirm BUT the continued payments on the mortgage IS the reaffirmation agreement....I doin't agree with that but anyway when we filed we indicated that we wanted to reaffirm because I do not trust them even though we got our perm. mod (in house) in the beginning of Feb

I just received perm loan mod on my 2nd and was concerned about this same language. I didnt want to re-affirm the debt either. The language in the contract does state it is not a re-affirmation. I had my attorney look it over and he said it was ok to sign. I will meet with him tomorrow and ask for clarification on this issue. Montana may have a valid point here to consider.
B & A,
I just got my credit report and see that WAMU/Chase made inquiries on my credit report about 3 times a year the past 2 years.

[BobandArlyn]

Lighthouse,

We did not have to supply 4 years of tax returns. Interesting. There just is any consistancy in this process except inconsistancy!

Arlyn

[litehouse01]

For us it was the BK attorney who said he wanted them when we file I guess to make sure no taxes are owed.

[ItWillWork]

I'm in CA, and he only asked me to give 2 years of tax returns. It's just me, and I'm self employed. I'm waiting for the 2009 taxes (possibly done by tomorrow), then have everything filled out to give him. I printed out 4 legal articles off the internet about not reaffirming so I can ask again. I would think all the lawyers should have the same response. Ugh!

[Martae007]

This is and has been an absolute nightmare! Please allow me to vent.... When I started my mod process in 2009, foolishly I thought that after a few months the mods would be completed and while in the modification process, no lates would be reported. I would continue to make credit card payments and new mortgage payments and life would be okay. Never did I imagine, still - a year later - no final mod in site, all the lates reported on my credit report; credit card companies viewing the lates, closing my accounts and reducing my credit limits..... The antics of these banksters have forced us and in forcing us into bankruptcy!

[ItWillWork]

Martae007 I know exactly what you mean. My credit was so high before everything, the mortgage people talked about it in their office, I broke their record. Now me, of all people, in BK. You know what though, the credit cards were lowering my balances and converting my zero interest rates higher way before the bad credit was reported. Probably for you it's two different bankster techniques, messing with your mortgage, and messing with your unsecured debt. I believe the entire scoring system will have a change, or else so many of us responsible types will be unnecessarily scored low. The goal is to identify responsible paying people, so the goal will be lost.