Reaffirmation Question (Mortgage)

[halloweendmb1]

I have a first mtg with Countrywide & a second with 5th 3rd Bank.
I'm current on both

Countrywide told me this morning they do not sign reaffirmation agreements and to just keep paying ontime.

5th 3rd Bank is sending my attorney a reaffirmation agreement to sign.

CW dosn't have me sign one and 5th 3rd bank does, what are the consequences of this? Can CW take action against me in the future if I did fall behind even 1 day?

[halloweendmb1]

why would a lender not want a reaffirmation?

[StartingOver08]

It is possible that it makes it easier the lender if there is no reaffirmation, but I don't know. It could be because the 1st feels very secure with the 2nd behind them.

What is a real concern is why would you sign a reaff with the 2nd and not one with the first? If the first is not going to give you a reaff than I would not sign one with the second. You are stuck with that second even if you lose the house you have to make those payments because of the reaffirmation you signed. I understand why the 2nd wants one - its in their best interest, but is it in your best interest?

[JRScott]

I wouldn't reaffirm the 2nd mortgage if you aren't reaffirming the first.

[halloweendmb1]

If I don't reaffirm am I still the rightful owner of this house? Does it mean they can foreclose whenever they want? I am current and want to keep the home and eventually own it free & clear myself.

[lillaimof2kids]

I had the EXACT same situation. I refused to sign the 2nd mortgage. Just pay it on time like always. I do the same with my house payment of course. They've never said a word. Both 1st and 2nd mortgages are being reported to the credit bureau also (thank goodness). I plan on trying to refinance and combine both 1st and 2nd mtg. in the next year or 2.

My whole thinking in the process...The 2nd mortgage bank would be dumb as hell to try to foreclose on my house while I'm current.

[2Bshinyandnew]

The attorney we saw for a consult on Tuesday said any reaffirmation agreements proposed to Countrywide that he has attempted for a client are followed by a standard response that Countrywide does not do reaffirmations, just keep paying.

If you don't have the opportunity to reaffirm your first (Countrywide) I don't think it would be a good idea to reaffirm any subsequent mortgages.

[halloweendmb1]

OK Let's suppose I don't reaffirm either mtg

5 years from now when my property is worth $50K more than I owe can either one just come and take it?

[Overmylimit]

My lawyer said to never reaffirm unless the bank puts you under the gun. He said that way if you ever get in a bind and have to walk away from the house you are not liable for the mortgage. He also said that banks are hurting right now so the most important thing for them is to recieve payments.

[lillaimof2kids]

OK Let's suppose I don't reaffirm either mtg

5 years from now when my property is worth $50K more than I owe can either one just come and take it?

That's one of the reasons why I plan on refinancing in the next year or 2. I can't imagine a bank having the right to take your property when you've been current for years and years. I've searched and searched and haven't heard of it ever happening.

[BK2008]

OK Let's suppose I don't reaffirm either mtg

5 years from now when my property is worth $50K more than I owe can either one just come and take it?

Not likely. They don't want your house, just you money.

Keep both current without reaffirmations, and you and the banks will continue to own the property like always.