QUESTION
How does one go about reaffirming a mortgage after a bankruptcy?
Asked on Apr 01st, 2013 on Bankruptcy - Florida
More details to this question:
How can we go back and reaffirm our home after our bankruptcy file was discharged? My intention and what I filled out on my bankruptcy paperwork was to reaffirm our mortgage. It didn't get done for some reason and now I'm working on refinancing this mortgage and can't get it done. Can I reopen the bankruptcy, sign a reaffirmation agreement and then close the bankruptcy again? It would be worth it for me to do this since it's the only thing holding up a refi which will save a lot of $$'s.
9 ANSWERS
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Reaffirmation agreements are usually done for personal property, like automobiles, not real estate. You should not re-open the bankruptcy.
Answered on Apr 03rd, 2013 at 5:02 AM
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You could try reopening the case. However, you have to obtain a reaffirmation agreement from the bank and get it approved by the court. I doubt the court would approve it unless simultaneously there was also an agreement to refinance. If the court thinks it is a hardship then it will not approve the reaff.
Answered on Apr 03rd, 2013 at 5:02 AM
In some districts it is possible to re-open a bankruptcy to sign and file a reaffirmation agreement. In MOST districts, once the bankruptcy is closed, it is too late to enter into a reaffirmation agreement.
Answered on Apr 03rd, 2013 at 5:02 AM
You can't. Bankruptcy rules require that any reaffirmation be signed before your discharge is entered. Many bankruptcy judges will not approve reaffirmation of a mortgage debt so no matter what lies your mortgage company may be telling you, the only party that benefits from reaffirming a mortgage loan is your mortgage company.
Answered on Apr 02nd, 2013 at 1:24 PM
David John Tybor
A reaffirmation agreement is solely at the option of the creditor. You cannot force a creditor to offer you a reaffirmation agreement. They are not obligated to offer you a reaffirmation. If they do decide to offer one, the case would have to be reopened and the agreement would have to be timely filed.
Answered on Apr 02nd, 2013 at 1:24 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on where you filed your bankruptcy. Some judges, like Arizona, will not approve reaffirmations on residential property. Talk to your bankruptcy attorney.,
Answered on Apr 02nd, 2013 at 1:23 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Most judges don not permit the reopening as they would also have to set aside the discharge.
Answered on Apr 02nd, 2013 at 1:23 PM
Deborah F. Bowinski
You cannot reaffirm a debt after you receive your discharge. And in general, reaffirming a mortgage loan is a really bad idea. If your lender will not refinance look for a different one.
Answered on Apr 02nd, 2013 at 1:23 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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You could try.
Answered on Apr 02nd, 2013 at 1:22 PM