Mortgage Reaffirmation in a Bankruptcy Filing
In a bankruptcy there is a process called reaffirmation. This is a process used by an individual who has to file bankruptcy to keep their secured assets and pay that secured debt. Mortgage debt is very complicated and involved in a reaffirmation. It is important to review your state laws as they vary across the US. The lender seeks reaffirmation on the node by the debtor so can be protected. However in most cases there is no reason for the debtor to reaffirm on the note because the property is already secured. The advantage to not reaffirming in a bankruptcy filing is easy. The debtor keeps their home as long as they pay for it.
