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.
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