A reaffirmation agreement with a mortgage lender means you agree to keep up payments, and that the court will not discharge the loan. Since the lender will still have a lien on the property, however, you risk foreclosure if you cease payments after the bankruptcy, with or without a reaffirmation agreement.
What does it mean to reaffirm your mortgage debt after bankruptcy? A reaffirmation agreement is a legal contract that states your promise to repay all or a portion of a debt from which you might have otherwise been released in a bankruptcy case. Reaffirming your mortgage debt means recommitting to the terms of the loan and promising to pay it.
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A reaffirmation agreement is when you agree to repay a debt after bankruptcy even if you receive a discharge on your other debts. When to Reaffirm a Mortgage. Reaffirming a debt is an individual choice, but reaffirmation should be carefully considered while taking into account the following factors: Desire. Before reaffirming a debt in.
In Chapter 7 bankruptcy, one way to keep the property is to reaffirm the debt. You and the lender will enter into a reaffirmation agreement and file it with the court. Generally, you can only reaffirm debt if your equity in the collateral is exempt.
Reaffirming debt in Chapter 7 bankruptcy or Chapter 13 bankruptcy. Filing for bankruptcy means that you will be relieved of an overwhelming debt burden, but in the process you may forfeit certain assets. To retain a major asset such as a car, the debt often needs to be reaffirmed through the bankruptcy court.
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Though there may be exceptions in certain states, if you plan to keep your home after a Chapter 7 bankruptcy you will want to reaffirm your mortgage with the lender so they understand your commitment to accept the mortgage debt and keep the home.
You lose most of your financial obligations, but your financial desirability takes a significant hit. Depending on your type of bankruptcy, you might need to do. reaffirm the debt in a Chapter 7,
Except for certain types of debt that survive bankruptcy such as back taxes and child support obligations, most of your debts will be discharged (wiped out) at the end of your Chapter 7 bankruptcy.
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