I filed bankruptcy (chapter 7) earlier this year. I did not reaffirm the home. I wasn't sure, due to the state of the economy, if I could keep the home and was told, in our best interest, we might not want to reaffirm. Anyway, I have kept up with the payments throughout the bankruptcy til now. I just recieved a copy of my credit report and the bank is showing "closed" on both the mortgage and the equity I have. Is there a way to change this? The bank told me to see my lawyer. The lawyer will probably tell me to talk to the bank. Any ideas? Thanks
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I believe if you do NOT reaffirm you mortgage it will show included in bankruptcy with a 0 balance and they will NOT report any payments that you make to the credit bureaus. -
This is very standard stuff. Financially, it is in your best interest to NOT reaffirm the mortgage. Stop worrying about your credit report, it will recovery anyway.
When it comes to apply for a new mortgage in the future, you can still get a statement of payment history from the lender, or use your bank statements to prove you have made payments on time.
Don't worry about something that is largely outside your control, don't let yourself be defined by some computer algorithm.
EerieRevelations 13, 16-17 (NIV)
16: He also forced everyone, small and great, rich and poor, free and slave, to receive a mark…, 17 so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.
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