Expert: Terry Leeders - 11/23/2008

Question
we had our bankruptcy finalized in January (2008) it was a chap 13. We signed reaffirmation letters for both vechicles and 1 2nd mortgage. The main mortgage holder didn't send one. I am trying to get a loan modification now and they said they need to reopen case and have a reaffirmation letter signed before they will even go on. Is this a good idea for us or should I try and get money some other way to pay our 1 late payment.

Answer
It sounds like you did Chapter 7.  There are no reaffirmations in Chapter 13.  Reaffirmations, in Chapter 7 must be filed by the end of the case.  You could pay the fees to reopen the old case to submit it, but the creditor would need to sign off on it and the court would need to approve it, which is unlikely, since it is passed the deadline.  You should try to just work out the payments, then perhaps refinance the property later.