Delay discharge for mortgage reaffirmation?

[iwannawon]

My wife and I are midway through the 60-day club. Our attorney emailed an 'FYI' the other day saying lately he hasn't received any reaffirmation agreements from Chase (in time). He's assuming it's due to extra legal efforts related to the merger. He said we could delay our discharge to give Chase more time to finish the paperwork. (We've already signed the agreement and returned it). He said if we get discharged before the reaffirmation is finalized then our payments won't show up on our credit report. And there's no way to 'amend' it later when the paperwork is ready. Which was a big part of how we planned on getting our score back on track. Now, we'd just continue to make voluntary payments and they wouldn't take the house.

Other than rebuilding credit, is there anything else I should be aware of? Will being reaffirmed (or not) affect future possibilities of refinancing the house or selling it, etc? Any positives to not getting it reaffirmed if we plan on staying there? Anyone have Chase and can verify what he said about their timing? If it matters, i'm in TX.

Thanks.

[chriselle]

I am in the same situation with chase. It took them 4 weeks just to send me the reaffirmation documents. I sent it back to them 3 weeks ago and they did not submit it yet. I called them several times and I was told they send it within the week before discharge. My plan is to put pressure on them on the last 3 days. My discharge and possible objections are still my primary battle.

[OhioFiler]

If I were most concerned about rebuilding credit I'd do it with a low limit credit card rather than a mortgage via a reaffirmation. The risk is much lower should your financial situation change in the future.

I would suspect your credit score would rise faster as well since you will have a much lower debt to income ratio.

I just don't think reaffirming a loan is the right thing to do simply for the purpose of reestablishing credit.

[iwannawon]

thanks both. ohio, sorry if i gave the wrong impression. we're keeping the house because it's not upside down and we're current on the payments. if we can't afford it, i'll sell it later myself rather than include it in the BK. because we're planning on staying here, we know paying the mortgage will help our credit history. the decision to stay won't be based on the reaffirmation agreement. i'm just not sure if there are other pros/cons to what happens with Chase, other than payment history.

[OhioFiler]

thanks both. ohio, sorry if i gave the wrong impression. we're keeping the house because it's not upside down and we're current on the payments. if we can't afford it, i'll sell it later myself rather than include it in the BK. because we're planning on staying here, we know paying the mortgage will help our credit history. the decision to stay won't be based on the reaffirmation agreement. i'm just not sure if there are other pros/cons to what happens with Chase, other than payment history.

You can accomplish the same goals whether you reaffirm or not. Whatever you decide to do, best of luck to you.