Do mortgage companies NOT reaffirm?

[cleansl8]

I just went to see a attourney for the first time about all this today. He said it s possible a mortgage comapny won't reaffirm. This scares me, we are not behind inmortgage and love our home. We are with Colonial, how can I find out if this company reaffirms or not. Also, won't we be at great risk of loosing our home if they dont reaffirm?

[lrprn]

There are multiple recent discussions here in the forums about not reaffirming a mortgage or auto loan.

First use the forum Search feature with 'reaffirmation' as the search term and select Show Threads. This will unearth many of them and they will answer your question about what happens when you don't reaffirm. Frankly, as long as you keep your payments current after filing, 99% of the time nothing happens. Lenders want your money, not the hassles of reselling your home at auction for a loss.

Then do a forum search for Colonial and see what pops up.

Happy reading!

[gophermn]

Correct - my mortgage co more-less felt if they are getting the monthly payment, why bother.

Heck, in todays market if they want the house "COME AND GET IT" they have been bitten by foreclosures so as long as you are on time, they will be fine. If not, their loss.

Mortgage companies are feeling the pinch so they will work with you. I know because my rental house is currently listed as a foreclosure but my primary home is secure.

[laurannm]

You could always call Colonial and ask to speak with their loss mitigation or BK department. I did that with both my lenders and was told that both allow ride-throughs as long as we remain current

[DivorceRuinedMe]

It's in your best interest NOT to reaffirm. Just make your payments on time and you will be fine. They don't want your house back, especially with the market the way it is now. It's just not cost effective for them to take a house away from you so don't worry. I did not reaffirm and am not worried at all. In fact, I feel BETTER b/c I know that if one day I decide I dont' want the house, I'm gone with no repurcussions.

[gophermn]

Very true, but if you are going to continue to make payments, reaffirming will show you are making payments and you might as well get the credit deserved showing payments are on time.

[DivorceRuinedMe]

Very true, but if you are going to continue to make payments, reaffirming will show you are making payments and you might as well get the credit deserved showing payments are on time.

Most mortgage companies as well as auto loans will never show as paid on time when you are in bankruptcy whether or not you pay on time. They will show IIB so in reality, it makes no difference for your credit rating.

[Stilltheone]

We have 2 mortgage companies and our second one, Countrywide, doesn't reaffirm. They told us that as long as we're current, we just keep paying them...Works for me! LOL