If you want to keep your home when you file Chapter 7, you will have to make a decision about whether or not to reaffirm your mortgage agreement.
When you reaffirm your mortgage you re-obligate yourself personally on the mortgage loan.
As discussed in this video, some lawyers advise their clients never to reaffirm. This is because most mortgage companies will continue accepting your monthly payments while you continue to live in your home. As a rule, mortgage companies would rather have your money than another foreclosed house.
On the other hand, if you do not sign a reaffirmation agreement, all those payment you make now and into the future will not show up on your credit report. A non-reaffirmed mortgage debt will not help you rebuild your credit and if you later on try to refinance or apply for a new mortgage, you will get no credit for the payments made on the non-reaffirmed loan.
Whether or not to reaffirm is a decision that you need to make with the advice and counsel of your lawyer. If Susan Blum or Jonathan Ginsberg of Ginsberg Law Offices can help you evaluate the pros and cons of mortgage reaffirmation in a Chapter 7 case, we would be happy to help you. You can reach us at 770-393-4985
Want more knowledge about Chapter 7 or Chapter 13 bankruptcy? Visit the Ginsberg Law web site at http://www.atlanta-bankruptcy-attorney.com or our blog at http://www.thebklawyer.com/thebkblog. Please also subscribe to our YouTube channel at http://bit.ly/subscribeBNK.
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