Here is a common question: How can we file a reaffirmation for our mortgage? We filed for bankruptcy 7 a couple of years ago, but we did not include our mortgage. We ran our credit and we realized that our Mortgage payments were not appearing on our credit reports. Our bankruptcy lawyer never indicated we needed a reaffirmation. Can we still reaffirm or how can we solve this problem. We need our credit history to rebuild our credit

My answer:
This is a common problem people are having lately. The lender says you needed a reaffirmation agreement on a previous mortgage. In reality, this is a requirement that is just unique to this lender.

In fact, it is almost always a bad idea to reaffirm a mortgage. There are many legal reasons why you are better off not reaffirming. While it is true that the mortgage company may not report the payments, you can send your records of payments directly to the credit bureaus to get them reported. Then, you can shop for a different lender who will refinance your mortgage.

Bankruptcy courts in this district do not generally allow you to “go back” and reaffirm a mortgage. But, you should be able to get refinanced by another lender.

We discuss the possible reaffirmation agreements with our clients. Then, we can give each client the right advice for their situation. We offer free consultations.

Daniel J. Winter
BankruptcyLawChicago.com
djw@DWinterLaw.com
312-789-9999
Offices in Chicago, Oak Lawn, Gurnee, and Skokie, Illinois.