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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39026
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I am a mortgage professional - WA state. I have a client who

Customer Question

I am a mortgage professional - WA state. I have a client who recently had a CH 7 bankruptcy. He retained his real property instead of surrendering it, but instead of reaffirming the debt, he checked the 'other' box with the words 'retain and pay'. The question is, did he legally reaffirm that debt and is he then personally obligated on the mortgage after the Ch 7 discharge?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 1 year ago.


A reaffirmation agreement is invalid unless official form B 27 ("Reaffirmation Coversheet") is signed by the debtor and attached to the reaffirmation agreement between debtor and creditor. Checking the "other box," states the intention of the debtor, which can operate to cause the bankruptcy stay to automatically lift with respect to personal property (but, not real estate). This does not operate to reaffirm the debt.

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