Can I Reaffirm My Mortgage in a Chapter 7 Bankruptcy?
If you’re considering filing for Chapter 7 bankruptcy, you may be wondering what will happen to your mortgage. Can you reaffirm your mortgage in a Chapter 7 bankruptcy?
The short answer is yes, you can reaffirm your mortgage in a Chapter 7 bankruptcy. However, there are some things you need to keep in mind before you make the decision to reaffirm your mortgage.
First of all, when you reaffirm your mortgage, you’re essentially agreeing to continue making payments on the loan as if you hadn’t filed for bankruptcy at all. This means that if you fall behind on your payments after reaffirming your mortgage, the lender can foreclose on your home just as they could if you hadn’t filed for bankruptcy.
Secondly, you need to make sure that reaffirming your mortgage is in your best interest.
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