What does to “reaffirm” a mortgage mean?

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What does to “reaffirm” a mortgage mean?

My ex-husband has filed Chapter 7, I assumed the house in the divorce and have been making the monthly payments for two years now. I called the lender and was told two different things. First I was told I had to reaffirm the loan, then I was told ” There’s nothing to worry about if I just keep making my payments” I also have a second on the house. Do I have to reaffirm and what does that mean for me? I’m a single parent and don’t know I would not qualify to refinance my loan on my own, is that what this means?

Asked on July 26, 2011 Nevada

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Ok so I am assuming that the mortgage is still in both you and your ex husband's name, correct?  Then i would strongly consider that you seek some legal help here on this matter.  You say that you assumed the house in the divorce.  That was pursuant to your divorce agreement correct?  Well your lender for the mortgage is not a party to your divorce agreement and as far as they are concerned you are both equally responsible for the mortgage.  Which means that he has to list it as part of the bankruptcy or reaffirm it - which means that the debtor signs a agreement to pay the debt as originally agreed to by the terms of the mortgage.  He or she reaffirms the mortgage agreement basically.  Other wise the debt is listed and the bank can foreclose.  So you are still on that loan.  They can possibly call it in.  So please, you need to get help. Do not listen to the people from the bank.  They do not have your best interests at heart an half of them do not know what they are talking about.  Good luck.


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