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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I just got a notice from my mortgage lender saying theyve

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I just got a notice from my mortgage lender saying they've recieved my bankruptcy information and to call them about my intentions on keeping the property or not. They also said that I have to sign a reaffirmation agreement within 60 days of the 341 hearing or it's not valid. My concern is that I'm nearly $14,000 in arrears on my mortgage and if I reaffirm I will have to pay this amount all at once. Don't most mortgage companies allow you to stay in the home as long as you voluntarily keep up on the payments? I think that signing a reaffirmation is not in my best interest unless I get significant reduction in the principal balance and full reinstatement don't you agree? And along those same lines don't car loans work similarly that most finance companies won't repossess as long as you make the payments?

Thank you for your question.

Your mortgage lender should be contacting your attorney and not you. Your attorney will want to negotiate a modification of the mortgage in exchange for the reaffirmation. If he is not able to negotiate the modification, you will need to choose whether to reaffirm or surrender.
Customer: replied 7 years ago.
I am not represented by an attourney and the one thing that I need the bank to do they have avoided thus far and that is reinstatement because I don't want to reaffirm if they're going to insist that I pay what's in arrears all at once.
if you do not reaffirm, you will typically have the opportunity to renegotiate with the lender after the discharge of your bankruptcy
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