- a lender who is willing to enter into a reaffirmation
- you need to be current (or close to being current) on your loan
- any equity that exists in the collateral should be exempt per the applicable exemption laws
Hi Jonathan- I have enjoyed your writings. We are currently in a chapter 7- 341 set for 12/3. My attorney is very firm that we should not reaffirm 1st mortgage. We are current up to date, etc..is this my decision or hers? If I decide to reaffirm, will she have to sign the reaff as well? Will our difference of opinion on Mortgage Reaffs effect my case?Here are my thoughts: First, I think that you should sit down with your lawyer to discuss why she is so adamant about not reaffirming. She may have a very good and appropriate reason for her hesitation. I do know some lawyers who discourage reaffirmation - especially if there is negative equity in the collateral - because the bankruptcy discharge serves to eliminate personal liability.