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What is a reaffirmation agreement and when is it used?

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marklavender1 Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)	Posted: Tue Nov 17, 2009 6:38 am    Post subject: What is a reaffirmation agreement and when is it used? Like 0 Dislike 0 What is a reaffirmation agreement and when is it used?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Nov 17, 2009 11:57 pm    Post subject: Like 0 Dislike 0 Hi Mark, Reaffirmation is done in chapter 7 bankruptcy when the borrower agrees to pay off the amount of the debt you owe the lender. The lender, in return, promises to not foreclose on the property as long as the borrower continues making payments. It is generally singed at the end of the bankruptcy, when the borrower is personally discharged from the financial obligations.

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