Cross Colateralization

[amy1385]

I have been reading what I can find about Cross Colateralization at Credit Unions, but still am a little uncertain about something. I have a vehicle loan, a personal loan (unsecured), a line of credit (unsecured), and a home loan. The home loan I have a co-signer (who I live with). So, the CU is sending me reaffirmation agreements for all of these loans. I only want to reaffirm the home loan, but if I'm not mistaken from prior posts, if I don't reaffirm the rest of the loans, they will not allow the reaffirmation on the home either? So, what happens if I do not reaffirm ANY of the loans, the house responsibility will go to my co-signer correct? They can't take the house in that case can they? I'd really appreciate any help or advice!

[AlreadyFiled]

I have been reading what I can find about Cross Colateralization at Credit Unions, but still am a little uncertain about something. I have a vehicle loan, a personal loan (unsecured), a line of credit (unsecured), and a home loan. The home loan I have a co-signer (who I live with). So, the CU is sending me reaffirmation agreements for all of these loans. I only want to reaffirm the home loan, but if I'm not mistaken from prior posts, if I don't reaffirm the rest of the loans, they will not allow the reaffirmation on the home either? So, what happens if I do not reaffirm ANY of the loans, the house responsibility will go to my co-signer correct? They can't take the house in that case can they? I'd really appreciate any help or advice!

I also bk'd and own a home w someone who did not bk.
Even if you do not re-affirm the home, as long as you make ON TIME payments, you are fine.

[BKQuestion]

I literally have been on the phone with my bk attorney all morning. I was lucky in that my CU only sent an agreement over for the car and not my credit lines eg. visa. Thus they are discharging that debt and allowing me to only pay on the car.

You are correct its all or none if they sent them all over to you. You could essentially sign only the ones you want and enter them into the system and hope they don't rescind before discharge/closing which ever occurs later.

[amy1385]

Yeah, my attorney said I should just sign on the home, and that they are going to come take the vehicle even if I continue to make on-time payments. I just want to find out if because I have a co-signer, that if my part of the debt is discharged, they can't take the home away from the co-signer? I don't think they can, as long as the payments are current.