Reaffirmation Agreement, Motion and Order
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How to fill out Reaffirmation Agreement, Motion And Order?
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FAQ
If a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case.Reaffirming a debt imposes ongoing obligations on a debtor to make payments and may have significant financial consequences.
If you do not reaffirm the mortgage, your personal liability for paying the debt represented by the promissory note is discharged in your bankruptcy case.The company can foreclose the mortgage and force a foreclosure sale if you stop making payments.
Yes, you can sell the home. The effect of no reaffirmation is that you do not have a personal obligation to pay the mortgage. You still are the titled owner and the mortgage is still a lien on the property so it must be paid in order to sell the property.
If you don't sign a reaffirmation agreement, the lender can repossess your car after your case closes and the automatic stay lifts. Some car lenders are known to repossess the car immediately, even if you are current on payments.
Reaffirmation is voluntary Surrender may be the best thing if the car is simply too expensive or isn't reliable. You can choose to keep the car and continue paying without reaffirming. You take your chances that the lender will repossess the car, but you also keep the benefits of the bankruptcy discharge.
Reaffirming Helps Rebuild Your Credit So timely payments won't help you establish a good credit history after bankruptcy. If you reaffirm the loan, your lender will continue reporting payments.
By contrast, a reaffirmation agreement is a new contract. It's often on the same terms as the prior contract, but you can try to negotiate a new payment amount, interest rate, or some other provision.