Rather than voluntarily making payments on the mortgage after you file your Chapter 7 bankruptcy case, you or your lender may look at a process called reaffirmation. Reaffirmation is a legal term, but it loosely means a new promise to repay a debt after bankruptcy that otherwise would be wiped out.

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.

In general, a lender wants you to reaffirm a loan when it can sue you for any remaining balance owed on your mortgage after foreclosing on the property.

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When you reaffirm a debt, you agree that you will still owe the debt after your bankruptcy case ends. Both the creditor’s lien on the collateral (which gives the creditor the right to take the property if you fail to pay as agreed) and your liability for the debt under the original contract (called a promissory note).

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. for not refinancing a loan after bankruptcy is that the loan wasn't reaffirmed.. a secured lender from pocketing your mortgage payments after bankruptcy nor.

In the normal Chapter 7 case, a few months after the bankruptcy is filed. If a debt is reaffirmed, that debt is not discharged and the creditor may.

Mortgage Modifications Before, During and After Bankruptcy Any exploration of this topic requires an understanding of reaffirmation agreements. Under New York bankruptcy law (In re Boodrow) a debtor does not have to sign a Reaffirmation Agreement for a mortgage on real estate.

You’ve declared bankruptcy. Now what? Life after bankruptcy. paying your mortgage on time will improve your credit report, so long as you reaffirmed the loan while your bankruptcy case was active.

The reaffirmation agreement continues your auto loan, mortgage, or other loan as though no bankruptcy. be based on your monthly disposable income as defined by the bankruptcy code. After you have.

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The primary advantage of reaffirming a mortgage is that timely and regular monthly payments will be reported to the credit reporting agencies (Equifax, Transunion and Experian), thus accelerating an increase in credit score(s) after a bankruptcy discharge.

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