To reaffirm house or not

[Creolet]

My car is not underwater but my husbands is and that why we are volunterily giving it back. It's with Nissan motor acceptance corp. my car I kinda reaffirmed by letting usaa resume drafting my account for the car note so if I can continue to do that I see no need to reaffirm anything and can just wait for my discharge.

[ezdriver]

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@Creolet wrote:
My car is not underwater but my husbands is and that why we are volunterily giving it back. It's with Nissan motor acceptance corp. my car I kinda reaffirmed by letting usaa resume drafting my account for the car note so if I can continue to do that I see no need to reaffirm anything and can just wait for my discharge.

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A reaffirmation is either done and approved by the court or not. There is no "kinda" with reaffirmations. If your auto loan is listed in your debt schedule and discharged, then you did not reaffirm. With your auto not being under water and having such a great interest rate on your auto loan, you are in great shape. I find it interesting that your auto loan company continues to debit your account for the payment instead of requiring that payments be mailed to them given the bk filing injunction rules and all.

[Creolet]

On one credit report I see my car loan says currently paying as agreed and it keeps reporting but my mortgage has a zero balance and although I am current on that it's not reporting as paid as agreed. So I'm good with my car and paying my house note to keep a roof over our head until we decide to sell and move forward withit reaffirming it.

[RobStumpfEsq]

Not.  There is little, if any benefit to you, no matter what the lender might say.

Rob Stumpf, Esq.

[Creolet]

Thanks Mr Stumpf esq, wonder if the lender will still talk to me after this discharge..,

[LieslMet]

Request, in writing (make a copy, send certified, RR), that THE lender (not YOUR lender - remember, you don't want to speak in verbage that might be construed as an affirmation)  contact you only by mail. They cannot foreclose on a home with a loan paying as current.

If anything, the fact that you have NOT re-affirmed is better incentive for them to approve a modification... because you don't HAVE to pay them anything anymore. They can either modify and get most of the loan value or not and get much, much less. 

I'm not sure why you're not selling the house to get your equity out but PLEASE, don't call them. It's too easy to slip up.

[Creolet]

I do plan on putting the house up for sale before it ever makes itself to foreclosure.  I will not reaffirm but will continue to pay as long as I need to.  Thanks for the input.

[StartingOver10]

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@Creolet wrote:

I do plan on putting the house up for sale before it ever makes itself to foreclosure.  I will not reaffirm but will continue to pay as long as I need to.  Thanks for the input.

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The lender can't foreclose if you are current in your payments. What do you mean by the above ^^^?

[Creolet]

The previous person asked me why I'm not trying to sell my house to get the equity out and I was just trying to respond to her let her know that I do plan on selling the house prior to going to foreclosure in order to get the equity out