If it has been 5 years since our bankruptcy, how difficult is it to re-affirm our primary and secondary mortgages at this time?

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If it has been 5 years since our bankruptcy, how difficult is it to re-affirm our primary and secondary mortgages at this time?

At the time we were advised by our attorney not to re-affirm our primary and secondary mortgages. We have substantial equity right now and have continued making payments, and were thinking of refinancing to make some home improvements. The mortgage company’s first question was whether we had re-affirmed our mortgage, and said that must be done first before we can even consider re-financing. Is that a good idea?

Asked on July 14, 2014 under Bankruptcy Law, Michigan

Answers:

Maury Beaulier / MinnesotaLawyers.com

Answered 6 years ago | Contributor

It is not possible to tell youwhethe rthat is a good idea without reviewing the mortgage and its terms.  Certainly, it seems that it may be a favorable move, but much more informaton is necessary. 


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