Another reaffirmation question...sorry.

[GettingGoing]

After reading everything about reaffirming a mortgage I am confused about what I should do with ours. I think we could sell our home and just about break even. We are current on our payments. We also plan to buy a new home in the next 2-3 years. Would reaffirming help with our credit since it would show a perfect payment history since bk7? We filed pro se and I did check the reaffirm box in the SOI for our home. How is a reaffirmation agreement written up? How long do I have to submit the agreement to the court? Thanks for your help.

[Brazzy]

Basically yes. Reaffirming and keeping a perfect pmt history will help your credit. Since you are pro se creditors typically will not send a reaf to you directly. They typically have to hire an atty to draw up the paper work and file it for them. You should be notified by the creditors attorney shortly. If not then just give them a call and let them know. They should be on top of that.

[justbroke]

I would not reaffirm just for a trade line (period). You can always have payment history added by any desktop underwriter. If you are break even and you plan to leave the place soon (1-3 years) and have no equity... why reaffirm?

Why, why, why?

[Adventura]

Quick question: I have 50% ownership in home w/ long-term boyfriend. I am filing Chap 7 pro se (he is not involved in filing) and we owe $358,000 on a house recently appraised at $360,000. (Bye-bye $130,000 down payment...) We are current on payments and will remain so. Do I need to reaffirm my half of the mortgage? Is that even possible?

[GettingGoing]

I would not reaffirm just for a trade line (period). You can always have payment history added by any desktop underwriter. If you are break even and you plan to leave the place soon (1-3 years) and have no equity... why reaffirm?

Why, why, why?

I would only reaffirm for the positive trade line although in the next three years I am sure can will build some positive trade lines. So if I dont reaffirm then what do I need to do? How do I let wells fargo and the bk court know that I plan to pay and retain when I already checked the reaffirm box in my filing?

[tmoschetto]

...How do I let wells fargo and the bk court know that I plan to pay and retain when I already checked the reaffirm box in my filing?

I checked the reaffirm box and filed my Statement of Intentions form so both the court and WF knew my plans. I filed pro se, so I contacted WF to ask them to send me a reaffirmation agreement and was told by 3 separate customer service reps that WF was not doing reaffirms at that time.

I got really nervous, thinking that would delay my discharge or something, but it had no effect on my case. You just stay and pay for as long as you want to live there. If circumstances change (and mine have), your mortgage debt has been discharged and you owe nothing.

[justbroke]

I would only reaffirm for the positive trade line although in the next three years I am sure can will build some positive trade lines. So if I dont reaffirm then what do I need to do? How do I let wells fargo and the bk court know that I plan to pay and retain when I already checked the reaffirm box in my filing?

It's simple. Never reaffirm for a trade line (period). Too many people come here 12 months later wishing they had never signed the reaffirmation, especially on a home. We had one person with $10K in deficiency on a reaffirmed car. It was just sad to see.

You just don't sign the reaffirmation. You just keep paying on time.

[GettingGoing]

It's simple. Never reaffirm for a trade line (period). Too many people come here 12 months later wishing they had never signed the reaffirmation, especially on a home. We had one person with $10K in deficiency on a reaffirmed car. It was just sad to see.

You just don't sign the reaffirmation. You just keep paying on time.

Thanks justbroke, I just dont want to cause a mess in 3 years when we start trying for a new mortgage however I agree that the benefits of reaffirming the mortgage do not outweigh the risks. Thanks again.

[justbroke]

While I do say "just keep paying on time", there are some creditors in the 11th Circuit (Florida, Georgia, Alabama) -- that I call ankle biters -- that force you to surrender, redeem or reaffirm. It's usually the small banks and credit unions. The larger banks like the "stay and pay" and don't fuss.

[GettingGoing]

While I do say "just keep paying on time", there are some creditors in the 11th Circuit (Florida, Georgia, Alabama) -- that I call ankle biters -- that force you to surrender, redeem or reaffirm. It's usually the small banks and credit unions. The larger banks like the "stay and pay" and don't fuss.

Our mortgage is through wells fargo and lots of people on this board say that wells fargo wont let you reaffirm.