Reply
Contributor
Posts: 78
Registered: ‎10-31-2007
0

Chase Mortgage - To Reaffirm or Not

My boyfriend just filed for Chapter 7 bankruptcy. We have two loans together, our mortgage and our motorcycle.  The motorcycle was reaffirmed, but his lawyer has recommended not to reaffirm the house.  We have never been 30 days late, but what happens if he chooses not to reaffirm?I've heard that they will not report  payments anymore.  Will this be on his credit only? Or mine also?  Our online access has been closed at this point.

I realize he will no longer be responsible for the mortgage, but what are the other pros and cons of reaffirming.

Regular Contributor
Posts: 205
Registered: ‎08-29-2007
0

Re: Chase Mortgage - To Reaffirm or Not

The pro of reaffirming is that it will report on your credit report. The cons are that it will not but you are no longer responsible for the mortgage, so if you ever can't make payments then you will be liable. You probably will have to make payments on your own and not online. 

 

 


Starting Score: TU 477 EQ 533 BK 1/27/2012
Current Score: EX 702 TU 681 EQ 652 1/10/2014
Goal Score: 700


Take the FICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.