How To Reaffirm Mortgage After Chapter 7 Discharge

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. However, if you default or fail to pay the mortgage, you could still be subject to foreclosure. "Bankruptcy has given you the right to discharge a debt and no longer have to repay it," says Sam Tamkin, a Chicago.

The effect of reaffirming a mortgage is that if you later default on the loan and the lender forecloses, you will be liable for a deficiency (the difference between what you owe and the value of your home). If you don’t reaffirm your mortgage in bankruptcy and later default, the.

– If you’d like to reaffirm your personal liability for a secured debt even after a discharge from Chapter 7 bankruptcy, a reaffirmation agreement is what you need to sign with the lender. reaffirmation agreement is usually executed for secured debts such as mortgage, car loan, RV loan etc.

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 · For this reason, I will not let my Chapter 7 bankruptcy clients reaffirm a second mortgage. While you still have to pay it if you want to keep the house, they will never be able to sue you for a deficiency if you walk away from the house in the future. It is important to note that you can only file Chapter 7 bankruptcy once every 8 years.

How do I reaffirm mortgage note after Chapter 7 – Q&A – Avvo – You cannot reaffirm that debt now, from a 2009 Chapter 7 case that was discharged. The mortgage lien survived your discharge, though, and it was not avoided by your Chapter 7 discharge.

So are there times when a debtor would want to reaffirm a mortgage?. for a debtor should be to emerge with as few debts after bankruptcy as possible.. must be filed with the bankruptcy court before the date of your chapter 7 discharge or.

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– If you’d like to reaffirm your personal liability for a secured debt even after a discharge from Chapter 7 bankruptcy, a reaffirmation agreement is what you need to sign with the lender. reaffirmation agreement is usually executed for secured debts such as mortgage, car loan, RV loan etc.