I have a question that someone may can help me with. My chapter 7 was discharged on 1-3-06. Included in the filing papers was my mortgage and equity line lenders. I have never been late on a payment and plan on keeping my home. I have never recieved any reaff agreement from either. My lawyer said that as long as I stayed current on the paments that I would not have to sign one, even if they wanted me too. Does anyone have any experience with this? I do not want to sign one, and they haven't asked as of yet. They have continued to send me my statement for payments each month and I have been paying them as if nothing had changed. Is this normal and should I be able to continue on as long as my account is in good standing?
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You better make them give you one and sign it !
I went thru this with an auto that I kept and this is what your in for. When the lending company sent me the reaff agreement it stated that I owned about 5 K more than what I did on my auto. I sent it back and told them to correct it and they stated that I did not respond in time so they would not reaff. It is true that you do not have to sign one and if you don't then fall late then they will still forclose. They will not be able to include this in your credit report as forclosed and they DO NOT LIKE IT. They also do not have to send you a statement either but consider them nice for doing so. Thats the good side. The bad side is that your attorney is being lazy like mine was not getting that agreement for you and what they are NOT telling you is that this mortgage will appear on your credit report as included in the bk and charged off for less than agreed. They can do this by law and they will!Originally posted by swiminindebt
Mine did and the shame is that I have NEVER EVER been one day late on a payment but yet because I did not get the reaffirmation agreement this does not reflect this. I filed BK because of a business I had and did not incorporate went totally south and the day I filed I had never had a late pay on anything. Even after the BK I came out with a 700 credit score.
I strongly recommend that you get the agreement so that this will stay on your credit and help you rebuild your score ASAP. Otherwise it will be like you do not have that loan and it was discharged in your BK.
Good luck and hang in there! -
Thanks..
Thanks for your response. I checked my credit report last night and found exactly what you said. All of my bk stuff is correct, balances are zero and show IIB. The only one that is not correct is Providian, which shows zero balance, but still shows +120 late. I have sent in a dispute with this one. As for my mortgage, it does say zero balance and IIB. My home equity line acct says in good standing and they are still reporting my payments, both of which I had during my filing. I will have to contact my mortgage company to inquire about this, because if I'm making the payment and have never been late, I need that to show on my credit. My only concern was, what if down the road, as long as I have good standing on my account, could they try and foreclose on my home for no reason? That kind of worries me.Comment
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If you didn't reaffirm before discharge, then you can't decide to do so now. For the equity LOC, you get the best of both worlds: they're reporting, but if things go south, you're not responsible to pay the debt...Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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