Comments on: Information About Reaffirmation Agreements

By: Rustin Polk

Rustin Polk — Fri, 22 Jul 2011 14:03:24 +0000

Carron, that is a GREAT question.

The answer is that you’ll still own the house/car/whatever once you pay off the lien; the lien survives your bankruptcy case so reaffirmation doesn’t effect it one way or the other. The part you are deciding to reaffirm or not isn’t the lien– it’s the “promissory note.”

So the decision isn’t really about ownership as much as it is about agreeing to be personally liable on the debt again.

By: Carron

Carron — Fri, 22 Jul 2011 07:30:17 +0000

Thanks for the info re not signing the reaffirmation agreement. Something I don’t understand that you didn’t mention. Does the borrower own the home after paying the mortgage in full or is the borrower just paying “rent”. In other words is this how the lien is satisfied? Forgive my ignorance – I don’t understand.

By: Jason Maurice

Jason Maurice — Mon, 26 Apr 2010 22:00:33 +0000

Thanks for sharing this I love your blog

By: David Dean

David Dean — Sat, 24 Apr 2010 16:26:13 +0000

Thanks for posting this article. Much great info I got here. Keep writing!