Home Loan and Reaffirmation

[littlemuffin]

I had my 341 yesterday all went well. I have Pacer update of no distribution today.

My question is I have a home loan with a small local bank. I've never been late on a payment and marked that I wanted to reaffirm.

The bank has made no move to have reaffirmation papers drawn up and I wonder if I just keep paying it and it isn't discharged will anything happen? I'm a little concerned that the judge might think it is too expensive for me but I can manage. I also am about to complete my MBA and acquire a better job. So I have no worries about paying the mortgage.

What should I do if I don't receive reaffirmation documents from the lender?

Thanks so much.

[AngelinaCatHub]

Well I don't think you understand a basic fact. You can pay that debt as a ride through. You can put on your forms your intent to do so, so that you are not saddled with a "preferential" payment. You can also bug the bank to get their forms up. If they don't you are still covered by your desire to pay them. If the Judge states you cannot have the reaffirm, once discharged, you can still pay them any time you wish. Let the bank know (in person) what you wish to do. It will buy you some respect and good will. 'Hub

[debee]

The bank has made no move to have reaffirmation papers drawn up and I wonder if I just keep paying it and it isn't discharged will anything happen? What should I do if I don't receive reaffirmation documents from the lender?

As Hub said, you (or your attorney) could contact your lender and ask them what they plan to do. Reaffirmations are voluntary and some lenders don't want them. Even if your debt is discharged without a reaffirmation filed, that doesn't mean the lender is entitled to foreclose. They're not. So long as you do not default (mortgage, insurance, taxes) you have the protection of state law. The equity you build will be yours and one day you'll own the house outright. You'll also have the "get out of jail free" card in the event of some unplanned financial catastrophe and you will be free to walk away from the loan/house if the need should ever arise.

[bkinfresno]

I did the ride through on our house, never missed or ever late on the mortgage. My question is, How can I get the lender (CHASE formally WAMU)to correctly report the timely payments on the credit reports? Is it possible?
I went into my bank and discussed it with one of the managers and within a few days I got an alert on my credit report that something changed.
Here is what they posted (although my score instantly dropped 10 points) but they are not reporting month by month on time payments. Should I keep trying to contact someone to get them to report correctly? Are they required to?

Company: CHASE
Balance Date:
Current Balance: $
Status Date:
Payment Status: Paid or paying as agreed
Company Phone:
Company Address: PO BOX 24696
COLUMBUS , OH 43224