Reaffirming mortgage and auto loan

[ScaredinPA]

Since I am married but filing separately, I need to reaffirm my mortgage and auto loan since they are joint loans with my husband and we are keeping that car and house.

Should I give them the "heads up" prior to filing? Just call them and let them know that I am filing but need to reaffirm or just wait to they contact me?

[StaciMM]

There is no need to contact them now, and as long as you're current on payments it should not be an issue.

[ducksinarow]

I personally would call them.

[Minnymouth]

There is no need to contact the mortgage company, nor the auto company regarding reaffirmation. They will contact you......
As long as your payments are current there is no need to sign a reaffirm agreement if you don't want too.....unless they insist.
You will keep your home and auto as long as you keep the payments current anyways....they can not repo or foreclose.
IF YOU SIGN THE REAFFIRM - then you agree to pay whatever balance is due on the mortgage or auto - no matter what happens. They will not be included in bk.

Me personally, I would not sign reaffirm until I had too....that way the mortgage and auto would fall as "included in bk". Yet you would keep them as long as you kept the payments current. Then if something happened in the future and you had to turn them in, you would not be required to pay the balance remaining on them.....

My thoughts,

Minny

[StaciMM]

In this case, the OP mentioned the accounts are joint w/ spouse so they won't be able to walk away from them even if she doesn't reaffirm. (Only one spouse filing.) On the other hand, if things go sour down the road, OP can't refile but spouse can...

There are always 2 sides...

Me personally, I would not sign reaffirm until I had too....that way the mortgage and auto would fall as "included in bk". Yet you would keep them as long as you kept the payments current. Then if something happened in the future and you had to turn them in, you would not be required to pay the balance remaining on them.....

My thoughts,

Minny

[thereislife]

also if u want to help your credit score after bankruptcy reaffirm them that is the reason i did it, cause once u file they stop reporting to the bureaus and good payments and u stop receiving statements

[Minnymouth]

Thats right, I forgot she was filing separate.....

As far as the credit score, the bk will ruin it anyways so it will take time to rebuild it... even with postive reporting (if they do it )

Minny

[nature]

How long does it take to rebuilt Credit and where do u start?

[Minnymouth]

look in Catagory 2 of this forum and you will find information on how and ways to rebuild your credit scores....
Very helpfull,

Minny

[StaciMM]

I would say it is an ongoing process. First step is to make sure everything is reporting correctly. Then, live within your means until you're confident you can handle small credit accounts. Once you're there start with 1-2 credit accounts & when you get those take very good care of them. *Keep balances low, pay each month. Repeat from * every month & in time, scores will rise.

How long does it take to rebuilt Credit and where do u start?