Lawyer says no on house reaffirm.

[relief13035]

but if you do not reaffirm payments will stop being reported to the CRAs right?

We did not reaffirm our mortgage with Citi. They ARE reporting the credit agencies each and every month and I believe this is helping with our scores. 3 months after discharge and I already have a 702.

[laurannm]

I guess behind needs to be defined. Payments are due on the first. Late after the 16th. Does behind mean the 17th or 30 days after the 1st?

Probably depends on the lender.

Lenders still need to follow your state's foreclosure time lines\process, even if you don't reaffirm.

We are going to be 31 days late this summer due to an temp financial strain. I called Citi to find out what would happen and they said basically nothing will happen. Only if you are 60 days late will they possibly start legal proceedings.

Also, since you live in MA, this is the time line (a new law was put in place last year):

http://www.************************/...sure-timeline/

[Chowder]

I live in Washington state, not DC. But thanks anyway.

Our Mortgage is one of those Countrywide, now BofA, deals. Looks like it wont make much of a difference how they handle it if we get late.

[willbfree]

This has been something I wasn't sure about and so much has been written here about to sign or not to sign. So I emailed our attorney last week to ask. She told us absolutely not to sign any reaffirmation papers. Smart lady so we do what we are told. We won't be signing any papers.

[Amy26]

Why is it such a bad thing to reaffirm? I've read a lot of posts about this stuff and I keep hearing people say don't do it don't do it... but I am reaffirming my auto loan and I feel pretty good about it. I have very good credit with Toyota and I really don't want to jeopardize that and I want the security of knowing that I have a valid agreement on my car... is there something else that makes this a bad move?