Mortgage Reaffirmation -- later cancelling it?

[cameron98sr]

Today, my lawyer advised me to sign a reaffirmation agreement and approx 3 weeks later, to send a certified copy of a letter stating that I wish to cancel my reaffirmation. He said that if I did this, it was likely that the mortgage company would not catch it - continue to report my payments timely and if I kept a copy of the certified letter and receipt, this could be my proof for later...and i can just walk away when I wanted to

So my question is this...
1) If I reaffirm, can I cancel within the 3 month period? How common is this?
2) What is the likelihood of this working?
3) If it doesnt work and they cancel my reaffirmation AND I continue to live in this home for another 4-5 years, will a car payment (paid timely) sufficiently serve as a basis to rebuild my credit? Or is a mortgage necessary/good?

Whew...

thanks!!!

[chicagoannie]

I am no expert but this sounds like a TERRIBLE idea. I can't believe an attorney suggested this.

[newbie2]

Today, my lawyer advised me to sign a reaffirmation agreement and approx 3 weeks later, to send a certified copy of a letter stating that I wish to cancel my reaffirmation. He said that if I did this, it was likely that the mortgage company would not catch it - continue to report my payments timely and if I kept a copy of the certified letter and receipt, this could be my proof for later...and i can just walk away when I wanted to

So my question is this...
1) If I reaffirm, can I cancel within the 3 month period? How common is this?
2) What is the likelihood of this working?
3) If it doesnt work and they cancel my reaffirmation AND I continue to live in this home for another 4-5 years, will a car payment (paid timely) sufficiently serve as a basis to rebuild my credit? Or is a mortgage necessary/good?

Whew...

thanks!!!

My understanding is that you can rescind a reaffirmation within 60 days of the date you signed it. I have no idea where your attorney got the 3 month mark, and like chicagoannie, I think this is a horrible idea and is fraught with peril to you.

You need to question your attorney as to why he/she thinks this is the way to handle your home.

[Charlie777]

I don't know about the cancellation idea, it sounds dangerous to me as well. But I can telkl you that without reporting the mortgage, you will be in the same situation as those of us who rent, and I've been able to rebuild my credit to a 677 EQ FICO with one installment loan (first a secured loan, then an auto loan) and a mix of secured or toy limit cards.

[cameron98sr]

I appreciate the advice -- love this forum!