Mortgage reaffirmation pros and cons

[Scottowl]

I have to make a decision whether or not to reaffirm my mortgage loan. At this time I am leaning towards not doing so.

I talked to the lender today as I am finally current on payments, or at least I thought I was. There have been about $1500 in junk fees added and possibly more to come.
When I told them I would not sign a reaffirmation agreement they told me any further payments would not be reported to the credit bureaus.

Should I care about this? I'm old and have no income, so not a good credit risk anyway.

I would like to find out the good and bad points of reaffirming.
Where should I go to research this? It seems like Google just sends me around to all the legal firms' websites.

[despritfreya]

Read this thread:

https://www.bkforum.com/forum/before-the-discharge/chapter-7/64385-why-reaffirming-a-mortgage-is-a-very-very-bad-idea

Des.

[flashoflight]

Nothing good can come out of reaffirming. If you think your financial situation is good enough, you refinance out to a brand new mortgage two years after the CH7. The refinance results in a completely clean mortgage without any bankruptcy related issues unlike the reaffirmed mortgage. But in your case, I would never, ever refinance due to lack of income until you win the Powerball jackpot.

[Scottowl]

That is exactly the info I was looking for Des. That is a great resource. Thank you, many times over!

The short answer is I have absolutely ZERO to gain by reaffirming.
Fleshed out a bit, I would be a tremendous idiot to do so.
Since I am not a tremendous anything, it's a fairly simple decision to make.

As to refinancing. No.
I don't exactly envision lenders begging for my business anyway!