Chase and reaffirm

[lifelesson]

Well Friday is the date for creditors to file by (prayers being said I hope to be done) But it appears Chase has not sent our attorney the reaffirmation agreement. so we might have to file for an extentsion of time. I'm wondering doe sthat mean we don't get discharged around the 23rd? Does it open a can of worms for us?

Should we even bother to reaffirm? Our attorney's office says yes so the bank will work with us in the future and to get it on our credit report.

2nd mortage already reaffirmed.

Does either of that really matter?

We're a 7 no assests.

Thanks in advance.

[laurannm]

Is this for an auto loan or mortgage?

In either case, there are tons of posts on here discussing whether or not you should reaffirm, and 99.9% of them are against reaffirming. While your attorney may be correct in saying that reaffirming means the payments may show on your credit report, that's a big MAYBE...not all do, even with a reaffirm. The benefits of not reaffirming anything far out-weight the benefits of reaffirming in my opinion.

[destitute]

I'm with Chase as well and they haven't sent me a reaffirmation agreement (I'm 2 weeks from the end of my 60 days). My attorney told me that they almost never send agreements. I'm not planning on signing one so it doesn't bother me.

My second is really pushing for me to sign theirs but I just keep telling them that I'm planning on signing both at the same time to hold them off.

I would never sign for the second if I wasn't signing for the first. You have 60 days after signing to rescind the agreement. If you're not signing with Chase I would cancel the 2nd mortgage agreement ASAP to protect yourself.

[StartingOver08]

Destitute is right. Cancel that reaffirmation of the second! Even if you decided to reaffirm the first...never sign one for the second. Of course, I don't think you should obligate yourself to any mortgage reaffirmation unless there are two conditions: 1) huge equity right now, meaning more than 50% of the property's true value is your equity and 2) you have a low, low fixed rate. Other than that, there is no reason to reaffirm a mortgage, just ride thru.

The second is between a rock and a hard place that's why they push for reaffirmations. Don't ever sign a reaffirmation for a jr mtg. Hopefully you are still in your 60 day window and not yet discharged so you can cancel that reaffirmation.

[AlreadyFiled]

Chase sent my lawyers the re-affirmation agreement and we signed and returned it 20 days before my discharge date (plenty of time before my discharge date) and Chase says now they 'never received' the signed re-affirmation. I call BS on that one, so now I'm just making the monthly payments on time, and kinda feel like this was a blessing in disquise that they pretend they didnt receive the agreement.

Worked out better for me anyway...