Ride It All The Way Through!!!

[Dollar Bill]

I've been on the forum for a while and have just figured out what a ride through is.

I have a couple of questions.

1. My home is the most important to me, and I like the idea of being able to walk away if I wanted. Can we ride through on a house? Has anyone here done so? Will I have a problem with the mortgage company if I do not reaff and simply pay and stay up-to-date on payments?

2. Same thing with a car???

I will file 4/15 and would appreciate your feedback. Thanks.

DB

[DivorceRuinedMe]

Lots of people ride through on their houses - me being one of them. It's a REALLY nice option to be able to do that considering the way the economy and housing market is right now. The only bad thing about a ride through is that sometimes (most times) the lenders will not report that you are paying and this can hurt your credit b/c even though you ARE being a responsible person and paying on time, it's not reflected in your credit history. But most of the time, even if you HAVE a reaffirmation agreement they don't report either. So.....in a lot of people's opinions, it's better to have the option to walk, then the chance of the mortgage company reporting on your credit report.

All the same applies to the car.

Just be careful - if you are even ONE day late without a reaff, the mortgage company can come after you and start foreclosure proceedings.