Legal Question in Bankruptcy in Ohio

signing reaffirmation

We filed bankrupcy last year. We did not sign a reaffirmation on our home loan. Now the loan co. will not help in any way to refinance. They are the reason for our bankruptcy.Payment is very high.12% is killing us.Said they do not have to help us in any way because of the reaffirmation. They will not even give us a statement once a month. Cant get any other loan place to help us. Apprised very high from the loan co. We were told by our attorny we dont have to sign it.Thanks


Asked on 6/17/03, 2:44 pm

1 Answer from Attorneys
D. Domanovic D. Domanovic, Atty.

Re: signing reaffirmation

You are not required to sign a reaffirmation agreement. Although it is often times set forth as a "benefit" to the debtor I have never seen what benefit one can derive.

I do not believe that your failure to sign a reaffirmation agreement is having an impact on refinancing. After all...why would they want to give up 12% interest?

Call a mortgage broker in your area (find them on TV, newspapers, almost everywhere) and ask them is anything can be done.

You were smart not to sign the reaffirmation agreement.

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Answered on 6/17/03, 3:02 pm


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