?? About reaffirming mortgage and car

[Anonymous]

Our attorney told us NOT to reaffirm and that we are just continuing to PAY and KEEP both. SO why do some people reaffirm? I don't quite understand this. IF we don't reaffirm do we risk LOSING the house and car? We are NOT behind in payments on either. THANKS~~~

[Shooting-For-800]

I would not risk it IF you are not upside down.

IF you have equity in your home, I would reaffirm

The car is less important than your home, but again if you are not upside down why not reaffirm?

I believe that your payments will not be reported on your CRs if you do not affirm.

The upside is that you can walk away easier if you are upside down.

[Anonymous]

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@Shooting-For-800 wrote:

I would not risk it IF you are not upside down.

IF you have equity in your home, I would reaffirm

The car is less important than your home, but again if you are not upside down why not reaffirm?

I believe that your payments will not be reported on your CRs if you do not affirm.

The upside is that you can walk away easier if you are upside down.

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We are not upside down on our home and the equity we do have has been exempted. I just don't don't understand the reaffirming and not doing it aspect. Our attorney just said no to reaffirming and that we want to keep it and continue paying. 

[JaseT]

I reaffirmed my mortgage as I had equity in it (nearly the max allowed in Colorado) and I wanted it to continue reporting. I've never had a late payment on the loan in the 8 years I've had it.

[FireMedic1]

I am not the majority. And it depends on how much you owe. Mortgage I have no experience with. But I reaffirmed my truck. I had 10 payments left and was never late with Cap1. I looked at it since it was a positive account. I reaffirmed hoping it would help after DC in rebuilding. And with Cap1 as seen below. I am a firm believer it did help me start my rebuild. There are some that come on here that ower 15k+ but the vehicle is worth 1/3rd of that. But it still is a credit rebuilder account even though its a major upside down loan. But after DC. JMO. You could always refinance at a lower rate when you score rebound some. There's so many ways you could look at it. But every case is different.