Reaffirmation Agreements

[sportster]

In our recent CH 7 case, our Statement of Intention indiciated we would be reaffirming 4 debts - 2 mortgages and 2 car loans. We are at day 35 of the 60 day club, and so far, only one of the car loans has sent paperwork to the attorney for us to sign. Is it our job to hound the creditors for these, or just let it slide like the old "ride through" option that may or may not exist any longer. Thoughts?

P.S. - in my district, cases are still flowing through with the "4th" option - debtor to retain collateral and continue to make regular payments. There have been no issues raised.

[dweebolina]

Our mortage company wanted our attorney to prepare everything for our reaffirmation on our home mortage and then they would sign it, unfortunately we learned that after the fact. I would definately keep on it as if you don't reaffirm and you continue with your payments it won't be posted on your credit report.

[keepmine]

If that 4th option is available, take it. Don't place yourself in harms way by reaffirming something.
To heck with credit scores-ditch that liability.
What happens if one or the other loses a job or gets sick or you two divorce, etc.? You sure don't want those anchors around your neck.

[debtisbad]

I agree with keepmine. This real estate ownership is really rocky right now and should you have to sell, who knows what the true value is. You want to make sure you are not liable for a deficiency!