Reaffirm & Mortgage?

[debt09]

Hello, what happens if you don't reaffirm on your mortages but continue to pay and lets say in 5-10 years or more property values go back up and you decided to sell in the future for a profit, what happens then? Thank you.

[laurannm]

Nothing happens. You sell the property and keep any equity you may have. No different then if you reaffirmed

[relief13035]

You get to live happily ever after with your profit. That is what I am banking on!

[texanboy76]

question for you. can a bank that holds your 2nd mortgage not choose to re-affirm you? I'm currently going through a 7 and both my 1st and 2nd are current...never been late

[TEW]

some banks are not reaffirming

[texanboy76]

some banks are not reaffirming

So does that mean they can legally close your loan? I'm not late and have had a excellent payment history for over a year. I'm assumming if they don't reaffirm then it just doesn't report to bureaus?

[laurannm]

Correct. In most cases your loan will show on your credit reports as closed/IIB, meaning they will no longer report to the credit bureaus. However, you can still keep making payments on it and keep your house.

There are some lenders however that will continue to report your on-time payments to the credit bureau even if you don't reaffirm (such as our 2nd mortgage with First Horizon). It's pretty rare however

[humrc]

is there any time, in any any state, that the lender will try to take the home if you did not reaffirm the home loan and are still current?

[momof3b1g]

is there any time, in any any state, that the lender will try to take the home if you did not reaffirm the home loan and are still current?

I'd like to know also.

We may not be reaffirming. i am worried that since our 2nd mortgage is at our credit union we will run into problems.