The car.......We financed the car through GMAC and have the title. Owe for about 4 more years. Assuming the ride thru goes as planned and we make it to the last payment without them repo'ing it, that's it...done....the car is ours? There's no technicality that says it was included in BK/not reaffirmed and even though we completed paying the amount we originally borrowed, it was IIB and we really don't own it after all?
The house....Not reaffirming that, either. We're so far upside down that it just wouldn't make sense to reaffirm it. We can't IIB because we can't rent a home for 5 for the same or less than our current mortgage and dh is unemployed, so who would rent to us, anyway with just unemployment and my small part time pay? So, that leaves us with a ride thru there, too. We don't want to reaffirm because we don't see the market turning around enough in the next few years to allow us to make any money on it and it also allows us to just walk away whenever we need/want too without having to wait for this house to sell. So, on with the show.....how might this affect us getting a new mortgage in a few years when they see we didn't IIB nor reaffirmed but now want a new mortgage?
The house....Not reaffirming that, either. We're so far upside down that it just wouldn't make sense to reaffirm it. We can't IIB because we can't rent a home for 5 for the same or less than our current mortgage and dh is unemployed, so who would rent to us, anyway with just unemployment and my small part time pay? So, that leaves us with a ride thru there, too. We don't want to reaffirm because we don't see the market turning around enough in the next few years to allow us to make any money on it and it also allows us to just walk away whenever we need/want too without having to wait for this house to sell. So, on with the show.....how might this affect us getting a new mortgage in a few years when they see we didn't IIB nor reaffirmed but now want a new mortgage?
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