Skip to main content
index page

to reaff, or not to reaff. that is the question

Submitted by blackbeasst on Fri, 02/04/2011 - 06:25
Posts: 196
Credits:
[Donate]

i have until march 25th to get my reaff to 5/3 bank. i filed a single 7. i pulled both mine and my wifes credit and it is showing as a "closed" account on mine but still open on my wifes. i called 5/3 and they said of course it will stay open on her's cause she didn't file.

they said the only reason mine was being reported as "closed" was cause i didn't reaff yet. they said if i do it will start reporting as a positive again.

tell me why i shouldn't do it? if i don't and can't pay, my wife goes down with the ship. if i do sign it and can't make the payments, at least im going down with the ship.

knock on wood i don't foresee anything happening to my job nor with my wife. wouldn't it be smart to just sign it to slowly help rebuild my credit as everything else was wiped off with the bk?


Your bank has given you the correct information. You filed the bankruptcy alone and did not reaffirm your loan till date. As a result, the lender has reported your account as closed. However, your wife did not file bankruptcy and thus she is responsible for paying off the mortgage in full to the lender. Thus, her account status is updated as open.

Once you reaffirm your account, you will become personally responsible for paying off the loan like your wife. Your account status will be updated as open. If you feel that you will be unable to make the payments on time, then it's better to not reaffirm the account. If you can make the payments, it's better to reaffirm the account and make the payments on time in order to build your credit.


Submitted by Anna Sweeting on Sun, 02/06/2011 - 19:21

Anna Sweeting

( Posts: 1827 | Credits: )


^^ again i don't foresee us not making the payments, but i'd rather sign it to get it back open and st least have something positive be reported since our cars are paid, and all the CC's are closed.

also i'd rather go down with the ship and not screw my wife over if we do in fact have problems.

lets just hope 5/3 complies and gives us a good mod to make it better :)


Submitted by blackbeasst on Mon, 02/07/2011 - 06:59

blackbeasst

( Posts: 196 | Credits: )