Bankruptcy & Mortgage
is it a good idea to reaffirm a mortgage what's the pros and cons for doing so. thanks
Answer:
Unless you are in a state where you are required to reaffirm to keep your house, I almost always recommend against it. Why would you want to assume responsibility for a discharged debt if you don't have to, when so long as your payments are current, you can keep the house? Here I feel I must add to Mr. Weiss's advice, though it is not quite in agreement with his. Depends on the house. If you have 0 or negative equity, the place needs a LOT of work and are carrying two mortgages which averaged 12.5%--then it might be better to just let the house go. We were never late even though those payment sucked the lifeblood from us, but looking down the road post-discharge we could only see us trying to pay for this fixer-upper for the rest of our lives. So I would say....it depends.
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