Reaffirmation question

[Hey Jude]

Hi everyone!

This is my first post, and I found this site after searching online after I discovered a troubling entry on my credit report yesterday.

My chapter 7 bankruptcy was filed and discharged back in 2004. At the time, my attorney knew that I planned to keep my home, even though I planned on selling it shortly thereafter. We never spoke about re-affirmation, not that I recall anyway. Suddenly, all that I can think about is re-affirmation, lol.

I am looking at my discharge, and it clearly states that I intend to retain the property, and to continue to make payments on it, and reside there. This is listed under Chapter 7 Individual Debtor's Statement of Intention.

Does anyone know if this is re-affirming the debt? The judge also asked me the same question, and I responded in the affirmation (couldn't resist that one )

Thanks for you help guys

Jude

[HHM]

Since you filed under the old law, you don't really need to reaffirm.

Also, the Statement of Intention is not a reaffirmation. A reaffirmation agreement is another document that both you and your mortgage company would have signed and filed with the court.

Don't worry about it.

[Hey Jude]

HHM,

Thanks for responding. This is negatively impacting my credit because all three CRAs are reporting account as "IIB", not paying as agreed, or closed by creditor, or whatever the appropriate terminology should have been.

I am trying to clean up my credit in order to purchase another home, and this is a huge black mark on my credit that I am trying to get off. Chase never sent me any documentation to reaffirm, so I guess if there is any fault is should be 50/50.

I have sent a goodwill letter to Chase to request removal, but it woudl have been nice if I had a legal leg to stand on.

Jude

[HHM]

It's a little late now, and honestly, the fault is not 50/50, under the old law, it is the debtor that needs to make take the initiative on reaffirmation (simply signing the Statement of Intention is not enough).

Anyway, what you can do now is...

1. Request a Payment History from Chase showing all your payments, and that they were made on time. Thus, you can give a copy of that statement to the Mortgage Agent for consideration.

If Chase won't give you the statement voluntarily, you can request by a "Qualified RESPA Letter" I don't have any handy links, but if you do a Google search, I am sure some samples will come up. With a RESPA letter, you can request a complete accounting of your mortgage, among other things.

[Hey Jude]

Thanks....I will do that, and hope Chase grants consideration in light of my long payment history, and remove the derogatory.

Thanks again.

Jude

[HHM]

Thanks....I will do that, and hope Chase grants consideration in light of my long payment history, and remove the derogatory.

Thanks again.

Jude

There is no reason they would remove it, because it is an accurate and non-misleading entry on your credit report.

Just to be clear, what I am suggesting is that you get the payment history so when you shop for a mortgage, you can offset the IIB by showing the mortgage company you have a positive payment history. Believe it or not, lending decisions are not just based on your credit score, but an overall picture of your credit history. Thus, you can offset that negative on your credit report with a record of positive payment history provided by Chase.

[lrprn]

Here's a link to HUD's sample RESPA letter - http://www.hud.gov/offices/hsg/sfh/res/reslettr.cfm

Hope you get everything resolved satisfactorily - keep us posted!