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I filed bankruptcy but i’m keeping my house. lawyer says not to re affirm the loan but continue making the payments. by not re affirming the loan the loan company will not report my payments to the credit agencies and if I default they can still repo the house. by re affirming the loan the loan company WILL report it to the credit agencies. Wouldn’t that help re build my credit? i can afford the payment and it’s cheaper than rent even tho it’s a higher interest rate than normal. it seems to me that if i re affirm the loan, they report it to the credit agencies, i re build my credit and later down the road i could get a loan with a better interest rate. actually my intentions are to make extra payments each month and have it applied to the principal, that alone should shorten the loan time and therefore i wouldn’t have to pay the high interest as long and i would save some money on the interest over the entire note length. what do you folks think? even at this higher interest rate the payment is still cheaper than rent in this area. and i can’t move out of this area due to my job. give me some insight please. thanks!

3 Thoughts on about bankruptcy, i need help please.?
  1. Reply
    Yieldcurve
    August 28, 2011 at 3:36 am

    Follow your lawyer’s advice. He/she has their reason and I suspect it has to do with flexibility for you. What if your plans for extra payments & such fall through? Or you lose your job? A lot of things could happen and further worsen your situation. You paid for legal advice – take it.

  2. Reply
    Madly in Questions
    August 28, 2011 at 3:40 am

    Can you ask another lawyer for advise? Mayby two more
    Please just to make sure you are doing the best suitable option.
    Dont just listen to one party and make your decision.
    It could end up you having no place to stay.
    At the same time, i dont really care what interest are you paying but can you also find out is it possible to look for a cheaper place to stay?
    Maybe you can rent your place out and get a cheaper place to stay to make some cash out.
    Think about it. OK?

  3. Reply
    Mr gina
    August 28, 2011 at 4:18 am

    Hello,
    am Mrs Gina Cole , i saw your question on how you can get a loan. thats why i want to use this medium to refer you to this legit and God fearing loan lender that help me with a loan some days ago without a collateral and his procedures is very easy and fast, my dear i must tell you i am grateful to him because i have been turned down by several banks and lenders. you can contact him via email, donald.mark88@yahoo.com

    Good luck.

    Gina

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