Help with reaffirming my mortgage

[connmj1]

I know that a lot of you say never reaffirm your mortgage. I really want the positive payment history and my mortgage is pretty cheap so I couldn't even find an apartment for the same payment. My question is my mortgage is with Chase and they are dragging their feet about sending my lawyer the paperwork to reaffirm. Can I negotitate the terms of the loan and maybe get my payment even lower? Has anyone else dealt with Chase in regards to reaffirming? What was your experience?

[LadyInTheRed]

I don't have any experience dealing with Chase, but I just have to say: You are placing too much value on your credit rating. Don't reaffirm your mortgage! You don't know what the future will bring. Besides, there are other ways to rebuild your credit.

[despritfreya]

Double Ditto - what LadyInTheRed said.

Des.

[HHM]

Simple answer, Don't Reaffirm. There is absolutely, positively no reason to do so, period.

Understand, there is a product called "Rapid Re-Score" that is available to lenders. What it does is re-score your credit "as if" you had made all your mortgage payments. So even though the mortgage lender is no longer reporting positive history, any future lender can run a Rapid Re-Score and find out what your score would be as if the mortgage company were reporting the positive payment history.

Frankly, reaffirming your mortgage to get a postive payment history on your credit score is totally retarded in every negative sense and connotation of that word.

I have never heard of any mortgage lender renegotiating mortgage terms in the context of a reaffirmation. Why would they...they really don't gain much by...meaning, you don't really have that much leverage. It is certainly possible, but not standard practice. If by some chance they gave you a better deal (a MUCH better deal), then it would be worth it, but absent that rare scenario, reaffirming a mortgage is never a good idea.

[btbeme]

[QUOTE=connmj1;574509]

I know that a lot of you say never reaffirm your mortgage.

Yup. So what's your question?

I really want the positive payment history and my mortgage is pretty cheap so I couldn't even find an apartment for the same payment.

Your positive payment history will be worth about nothing for two years after the BK. In the meantime, you can get 2-3 small loans or credit cards and accomplish the same or better. So long as you continue to pay your mortgage you will not be asked to leave - even if you do not reaffirm.

My question is my mortgage is with Chase and they are dragging their feet about sending my lawyer the paperwork to reaffirm.

Probably because you are the first person in the history of the company to make such a request and they are either flummoxed or laughing - or both.

Can I negotitate the terms of the loan and maybe get my payment even lower? Has anyone else dealt with Chase in regards to reaffirming? What was your experience?

Yes and yes. But after discharge and after not reaffirming and after forcing their hand by threatening foreclosure by missing several payments, and after filling out mounds of paperwork which they promptly lost several times. And after several months of monkey business and incompetent behavior (theirs, not mine) I short saled the house and received a huge payment as a reward for not trashing it and not paying them for almost 18 months.

See...they figure that if you keep paying, you are in no danger of losing the house, so why would they negotiate? If you reaffirm, they have proof positive that you feel you can afford the payment, and will snicker amongst themselves when they place your phone call on speakerphone. Then, one staffer will childishly act out your role while the others try to see what kind of heinous paperwork they can make you fill out. After a few minutes of mirth, they will break for their two hour lunch while the rest of the day's calls roll to voicemail boxes that are full.

[connmj1]

Lol ok ok... I get the point. Thanks for all the advice.

[TheBajan]

Lol ok ok... I get the point. Thanks for all the advice.

Wow! I sincerely mean this when I say congratulations! Many people would be simply defensive in the face of criticism but you actually have the maturity to accept the wisdom that is being given here. My hats off to you.

Best wishes,
The Bajan