What is a reaffirmation agreement?

November 15, 2007

Posted by Taketa

( 1 rating )

A reaffirmation agreement basically states that the debtor will continue to pay all or part of the debt obligation to the creditor, bankruptcy notwithstanding, in order to retain the property or real estate holding.

The creditor promises that, as long as payments continue on time that the creditor will not repossess or take back the property.

Sign in or register to rate or comment on this answer. | Save as Text | Save as PDF | Print

November 15, 2007

Posted by TonyLiu

( 0 ratings )

Before even talking to a lender about such an agreement, have an attorney present to make sure your rights are looked after. A reaffirmation isn't going to be helpful for you if the agreement is not made to be in your best interest.

Lastly, remember that reaffirmation agreements are completely voluntary and are not a requirement when filling for bankruptcy.

Sign in or register to rate or comment on this answer. | Save as Text | Save as PDF | Print