Any negatives if you don't reaffirm mortgage?

[NewPage]

1) Current on primary mortgage and HELOC, and intend to stay that way

2) Non-filing husband and I are on both loans

3) He eventually wants me to quit-claim the house so that he can re-fi (way down the road, not now)

4) Attorney is telling me to reaffirm the primary but not HELOC

5) I really don't care, and have no problem not reaffirming


I have not had the chance to ask him why he is telling me to reaffirm; I don't know if I will have the chance before I sign Tuesday. Are there any benefits to doing so?

[LadyInTheRed]

I have not had the chance to ask him why he is telling me to reaffirm; I don't know if I will have the chance before I sign Tuesday. Are there any benefits to doing so?

I'm not aware of any good reason to reaffirm your mortgage. Oregon appears to be a non recourse state, so it may not really hurt to reaffirm as long as the first is a purchase money loan. But, I wouldn't reaffirm unless there is a good reason to do so. Your attorney should explain why he recommends reaffirmation. Please do not sign your BK petition until you have all of your questions answered!

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Thanks --- I just sent an email saying I do not want to reaffirm unless there is a reason I am not aware of. In some reading I did find that judges in Oregon are often reluctant to sign off on reaffirmations as the property is protected by state law as long as payments are made on time, etc.