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Mortgage reaffirmation pros and cons

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    Mortgage reaffirmation pros and cons

    I have to make a decision whether or not to reaffirm my mortgage loan. At this time I am leaning towards not doing so.

    I talked to the lender today as I am finally current on payments, or at least I thought I was. There have been about $1500 in junk fees added and possibly more to come.
    When I told them I would not sign a reaffirmation agreement they told me any further payments would not be reported to the credit bureaus.

    Should I care about this? I'm old and have no income, so not a good credit risk anyway.

    I would like to find out the good and bad points of reaffirming.
    Where should I go to research this? It seems like Google just sends me around to all the legal firms' websites.

    #2
    Read this thread:



    Des.

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      #3
      Nothing good can come out of reaffirming. If you think your financial situation is good enough, you refinance out to a brand new mortgage two years after the CH7. The refinance results in a completely clean mortgage without any bankruptcy related issues unlike the reaffirmed mortgage. But in your case, I would never, ever refinance due to lack of income until you win the Powerball jackpot.

      Comment


        #4
        That is exactly the info I was looking for Des. That is a great resource. Thank you, many times over!

        The short answer is I have absolutely ZERO to gain by reaffirming.
        Fleshed out a bit, I would be a tremendous idiot to do so.
        Since I am not a tremendous anything, it's a fairly simple decision to make.

        As to refinancing. No.
        I don't exactly envision lenders begging for my business anyway!

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