Pros and Cons of reaffirmation

[teddingt]

I just got the Reaffirmation Agreement in the mail today.  It is on my home loan.  In the beginning,  I was all for signing this ........Now not so sure.

So I am asking for a little guidance from this group on what is in my best interest. Now before everyone says I should ask my attorney, I file Pro Se  and my reason for filing was strictly due to Medical Debt.    

Pro's

I can afford the payment.   

It is an open trade line in good standing.

It will establish history.

Con's

The agreement was mailed to an attorney in another town. No instructions on where to send it back to.  Now the attorney that forwarded the letter to me was kind enough to say for X per hour I will explain this to you.  

I am back on the hook for the loan.  

Actually, I can not get past the fact that it was sent to someone not even associated with my case.  

What concerns me is I checked the box to reaffirm and now it is 10 days before the last day to dispute.   What happens if I don;t sign and just continue to pay.  I really do not think it is in my best interest to sign.

Anyone have any sage words of advice? =)

[Anonymous]

I got my Chapter 7 discharged in February of 2015.  I didn't reaffirm my mortgage or my car, but I just continued to pay each of those as usual..  I was concerned about the same things that ,you are, but all the advice on got on this forum as well as other forums and my attorney. was to no reaffirm.  It only puts you back on the hook for the payments , and nobody know what the future holds.  If something happens with you health or your job in the future , you can just walk away, and don't have to worry about it.  Most mortgage and car loan companies won't do a thing as long as you continue to pay, they would rather have someone paying than have to go through the hassle of foreclosure and repossision.  So my advice, don't reaffirm anything just continue to pay,

[teddingt]

I know I just needed to hear it elsewhere.

[Anonymous]

I would be hesitant to reaffirm given the circumstances you outlined.

We did opt to reaffirm because we had a significant amt of equity, the payments are affordable (like less than rent where we live) and we plan to stay here. It made sense for us to at least get the positive "credit" for continuing to pay. We had some anxieties about our lender doing something shady because we did have a large credit card balance with them when we filed.