01-16-2013 06:14 AM
I know most say do not reaffirm, but each situation is different and I'd like some advice on mine.
I filed chapter 7 in 7/2009. It was mainly for credit cards. I did not reaffirm my mortgage which started in 4/2008. I've never missed a payment or been late. I never plan to either...knock on wood. I may keep the house another 26 years or I may sell it next year. I'm not underwater (I estimate at least $20000 in equity) so I can't imagine ever walking away. I'd simply sell it if I couldn't afford the mortgage. I can't help but feeling I should reaffirm to have this positive item on my credit report 10 years down the road. According to Credit Karma my score is 690 right now. Thoughts?
01-16-2013 09:01 AM
Like you said every situation is different. Similar situation, we filed because of Business Debt which led to CC debt. We filed in 1/2012 and reaffirmed our mortgage. We are not underwater and have not missed a payment. It has helped our scores and we never considered walking away from our home and that is why we kept the mortgage. Our mortgage reports every month with the past history stating that we reaffirmed our debt.
Starting Score: TU 477 EQ 533 BK 1/27/2012
Current Score: EX 702 TU 681 EQ 652 1/10/2014
Goal Score: 700
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01-16-2013 11:42 AM
In all honesty - I wouldn't
I view reaffirming as very little to gain while giving up all of your leverage. You've been granted a get out of jail free card. You NEVER know what the future holds and while gamble with that??
If you want to see credit progress - give it time with the right lines of credit and such - you'll gain just as much as reaffirming.
Patience is the key in all of this. I struggled with the same thought process and same situation.
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
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