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?? About reaffirming mortgage and car

RollTide81
New Contributor

?? About reaffirming mortgage and car

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~~~

Message 1 of 5
4 REPLIES 4
Shooting-For-800
Senior Contributor

Re: ?? About reaffirming mortgage and car

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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Message 2 of 5
RollTide81
New Contributor

Re: ?? About reaffirming mortgage and car


@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.

 

 


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. 

Message 3 of 5
JaseT
Established Contributor

Re: ?? About reaffirming mortgage and car

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.


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Message 4 of 5
FireMedic1
Super Contributor

Re: ?? About reaffirming mortgage and car

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.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 5 of 5
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