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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2889
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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If I choose not to reaffirm my mortgage loan as part of my

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If I choose not to reaffirm my mortgage loan as part of my bankruptcy, but instead negotiate a modification of the payment terms with my lender, does the modification itself in affect reaffirm the debt or can I still walk away if I cannot make future payments in accordance with the modified loan terms?
Most likely not. A refinance will, since it is technically a new loan. A loan modification is just modifying the existing loan, which in theory is discharged thru the chapter 7 (with just the lien remaining on the home). You will not be liable for future payments if you do not reaffirm the debt. You may be hard pressed to get the lender to modify without the reaffirmation, since they will want protection from exactly what you suggest. Good luck
Customer: replied 7 years ago.

Would it be wise to try to get a provision in the modification agreement saying that it doesn't represent a reaffirmation of the debt, or do you think I'm on pretty safe ground if I am lucky enough to be able to successfully negotiate a modification.

It couldn't hurt
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