I have a reaffirmation situation with my house. I know it's been discussed before, but I just received a letter from my 1st mortgage bank (US Bank) that said my loan would be handled through the BK Dept. from now on and gave an address to send payments. I've always paid online and they said that wouldn't be available anymore and that's really inconvenient. The letter also said that I would be allowed to do direct withdrawls from my bank acct. for a fee of $12 per month (which I think is a lot).
I'm shocked that I haven't heard from the 2nd mortgage holder yet because I have 3 cross coll. loans with them. What if they don't want me to reaffirm? Has anyone ever had a mortgage with a bank that didn't want to reaffirm? If they don't contact me and I continue to pay can I keep the house?(I've been late on payments before I realized the loans were cross coll.)
My question is, since I have equity in the house, and it would cost me more to rent, should I reaffirm to try and keep it or let it go? With my current credit, I don't think I'll even be able to find a decent place to live because crime is getting pretty bad here and my house is in a halfway decent neighborhood.
To make matters worse, I can't get through to the BK dept of the bank to ask if they will continue to report on-time payments to the credit bureaus. Does anyone have experience with dealing with US Bank and how they handle BK's? If they don't report on-time payments, is it worth keeping the house and how would that hurt me if I want to buy another one in a few years?
I didn't meet with my atty yet, but the paralegal called me today to let me know the bank sent them the reaffirm. paperwork and it would cost $50 to file it.
It's too confusing for me to figure out what I should do. Any suggestions would be appreciated.
I'm shocked that I haven't heard from the 2nd mortgage holder yet because I have 3 cross coll. loans with them. What if they don't want me to reaffirm? Has anyone ever had a mortgage with a bank that didn't want to reaffirm? If they don't contact me and I continue to pay can I keep the house?(I've been late on payments before I realized the loans were cross coll.)
My question is, since I have equity in the house, and it would cost me more to rent, should I reaffirm to try and keep it or let it go? With my current credit, I don't think I'll even be able to find a decent place to live because crime is getting pretty bad here and my house is in a halfway decent neighborhood.
To make matters worse, I can't get through to the BK dept of the bank to ask if they will continue to report on-time payments to the credit bureaus. Does anyone have experience with dealing with US Bank and how they handle BK's? If they don't report on-time payments, is it worth keeping the house and how would that hurt me if I want to buy another one in a few years?
I didn't meet with my atty yet, but the paralegal called me today to let me know the bank sent them the reaffirm. paperwork and it would cost $50 to file it.
It's too confusing for me to figure out what I should do. Any suggestions would be appreciated.
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