QUESTION
Is accepting the modification it will not re-affirm the loan in bankruptcy?
Asked on Jun 24th, 2013 on Bankruptcy - Missouri
More details to this question:
My home is in back rush and the bank is working with us on Re-modification. I assume by accepting the modification it will not re-affirm the loan in bankruptcy? It will be treated like a loan taken after or outside of the bankruptcy?
2 ANSWERS
Sanford M. Martin
A loan can be modified and reaffirmed by lender and debtor. If the loan is modified and reaffirmed as part of the bankruptcy case, and the reaffirmation is filed with the court, it has the same status whether modified or not modified.
Answered on Jun 24th, 2013 at 8:12 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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To reaffirm a debt, a reaffirmation agreement has to be signed by the debtor and creditor. The agreement ha to be filed with the bankruptcy court.
Answered on Jun 24th, 2013 at 7:43 PM