DH and I have decided to keep our house - we are only under by less than 10K, live in a good school district, rentals are expensive in our area, etc.
We are current on our mortgage right now. I was originally thinking that we would reaffirm our mortgage and get on with our life. After much of the discussion on the forum lately, not so sure this is a great idea. I am most worried about being surprised by something, hence the reason for this thread.
First, our mortgage is with Chase (HATE them - but they "bought" WaMu, so what are we gonna do), if that matters at all.
They have cut off my online access, as I knew would happen (thank to the forum!!), so I know that I need to call them and ask them to re-instate our online access or ask where to send a payment - do I also need to ask them to send me information only statements?
Our attorney says that if we keep making the payments, they cannot foreclose. My question is our payment due date is the 1st, no late charges unless received after the 16th - are we late if we make a payment after the 1st but before the 16th?
Also, our taxes and insurance are in escrow. If we continue to make our current monthly payments, does Chase still pay the taxes and insurance? Or should I have the insurance company and county start sending me the bills? Or does it matter?
Also, does anyone know if Chase will still report your payments to the CRA's? It would be nice to have this positive show up as we do not have any car loans that we pay on monthly.
Finally, (I think) what happens if/when we decide to sell our house? This would be many years down the line, but how does that work?
I am just so freaked out - I know that they don't want my house, but I am scared that they can do something to surprise me - I now know that fear is the emotion that drove me to want to reaffirm in the first place. I don't want to if I don't have to, but I can't live with uncertainty about what they will do either - is it true that if we pay they have no recourse?
Anything else I should know?
Thanks so much - I am totally freaking out about this!!
We are current on our mortgage right now. I was originally thinking that we would reaffirm our mortgage and get on with our life. After much of the discussion on the forum lately, not so sure this is a great idea. I am most worried about being surprised by something, hence the reason for this thread.
First, our mortgage is with Chase (HATE them - but they "bought" WaMu, so what are we gonna do), if that matters at all.
They have cut off my online access, as I knew would happen (thank to the forum!!), so I know that I need to call them and ask them to re-instate our online access or ask where to send a payment - do I also need to ask them to send me information only statements?
Our attorney says that if we keep making the payments, they cannot foreclose. My question is our payment due date is the 1st, no late charges unless received after the 16th - are we late if we make a payment after the 1st but before the 16th?
Also, our taxes and insurance are in escrow. If we continue to make our current monthly payments, does Chase still pay the taxes and insurance? Or should I have the insurance company and county start sending me the bills? Or does it matter?
Also, does anyone know if Chase will still report your payments to the CRA's? It would be nice to have this positive show up as we do not have any car loans that we pay on monthly.
Finally, (I think) what happens if/when we decide to sell our house? This would be many years down the line, but how does that work?
I am just so freaked out - I know that they don't want my house, but I am scared that they can do something to surprise me - I now know that fear is the emotion that drove me to want to reaffirm in the first place. I don't want to if I don't have to, but I can't live with uncertainty about what they will do either - is it true that if we pay they have no recourse?
Anything else I should know?
Thanks so much - I am totally freaking out about this!!