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Reaffirm Home Improvement Loan

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  • Reaffirm Home Improvement Loan

    Hello all, I had another issue pop up that I am hoping somebody can give me some guidance on. I am a few days post 341 meeting (for those interested I will make a separate post to detail that in the appropriate section) and have had a late surprise pop up. I have a first and small second mortgage through my mortgage lender, and a third mortgage in the form of a home improvement loan from a different lender. I have not reaffirmed my first or second mortgage on the advice of my attorney and pretty much everything I have read. It was my intention, however, to reaffirm the home improvement loan as I have a family member on the loan as a cosigner. I do not want them to suffer any ill effects for my own bad fortune. Side note: all of these loans are up to date and have never been behind.

    Today I was told that I cannot reaffirm the home improvement loan without first reaffirming the mortgage loan itself. This was never mentioned to me by my attorney before and my plan of action has been well known to him for months. So, two part question. Is it true that I cannot do one without first doing the other? And, if I decide to reaffirm nothing and continue to pay can the lender on the home improvement loan take adverse action against my cosigner?

    My lawyer was supposed to get back to me but did not. Given that this seemed to come as a surprise to him, maybe he doesn't know. Hoping somebody here will. Thanks.

  • #2
    I have never seen that as a per se rule, but I never ever suggest that anyone ever reaffirm a mortgage. I also don't think reaffirming a inferior lien (3rd position), which is a HELOC/home improvement loan, because it makes no sense at all strategically. The fact that you discharge the HELOC shouldn't affect the other person if they or you continue to pay. But even that response is nuanced because it really depends on your District. We can't "technically" ride-through on a mortgage here in Florida because of an old case from 1993 (In Re Taylor). Most banks allow us to ride-through even though it's nor allowed. Some banks get pretty upset and force the debtors to choose reaffirm, redeem or surrender.

    I'm guessing that the bank that holds the inferior note is the source of your information? Assuming that it's the bank holding the inferior lien, why would you reaffirm it? I don't remember the details, but are you underwater with the home? That would be a prime reason not to reaffirm because it's simply not in your best interest.

    Your attorney may have to answer this question for you. I may have just caused more confusion.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      I will do my best to clarify things. It is all rather muddled in my mind.

      I live in Illinois. I have a first mortgage with US Bank, and they also hold a small 2nd mortgage-just a few thousand dollars at 0% that was part of a first time homebuyer program from when I purchased the home years ago. I have never intended to reaffirm these as I don't want to lock myself back into a mortgage. From what I have been told this is not an issue where I live and I have already signed paperwork to allow US Bank to send me statements and pay via their website again. They do not seem to care if I reaffirm-so long as I keep paying.

      My home improvement loan is a Title 1 FHA loan through a different lender-I believe in Ohio. This loan was taken out last year and cosigned for by a family member. It has been my intention since day one to reaffirm this loan so that no credit harm or other hardship would fall on the cosigner. My attorney has said since day 1 that it would not be a problem to do just that but now my attorney is saying that I cannot reaffirm the home improvement loan without first reaffirming the underlying mortgage with US Bank. This is all coming as a shock to me, since it goes totally against the plan that has been laid out since my initial consultation almost 5 months ago.

      The only reason I want to reaffirm that Title 1 loan is because I feared that not doing so could lead to problems for my cosigner. If that is not the case I will just let it be and continue to pay. For the record, the lender on the home improvement loan offered no objection to the reaffirmation when I spoke to them on the phone and they promptly sent paperwork to my attorney. From what I can gather it is my attorney who doesn't thing it would be valid to reaffirm without also reaffirming the original mortgage. As long as no harm will come to the cosigner I am MORE than happy to just pay and let it ride.



      • #4
        I really hope that it works out for you. I 100% understand what you're trying to do but I hope that you can do the "ride-through" without affecting the other person.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          I am not sure that reaffirming the loan would even protect the cosigner. Not that reaffirming is in your interest anyways. As long as you keep paying the loan, the cosigner will not be bothered. If you default on the loan, then the lender can certainly attempt to collect from your cosigner, but they can do that whether you reaffirm or not.


          • #6
            There is no NEED for you to reaffirm this loan. Assuming you keep paying, you and the co-signor should be fine. Honestly, I doubt a judge would sign off the reaffirmation.


            • #7
              Thanks all. Based on what I am hearing I will just forget reaffirming anything and keep paying. That certainly works in my favor. The only thing I have reaffirmed is one car that will be paid off in about 10 months. Be a happy day when that is done!


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