How to Negotiate Mortgage Reaffirmation Agreements

A reaffirmation agreement is a new loan agreement between a lender and a debtor during a Chapter 7 bankruptcy proceeding. Signing a new contract establishes a new relationship between yourself and the lender, and prevents the property in question from being repossessed. The reaffirmation agreement terms dont have to be the same as your original agreement at all. In fact, you can negotiate new terms with your lender if it is so inclined.

Instructions

Review your lenders reaffirmation offer, which will likely be the same as your original terms. Review your personal finances to determine what you can afford to pay in interest rate, balance owed and length of contract. Consult an accounting professional if youre unclear about your financial picture.

Present your lender with a counteroffer, leaving room to negotiate down to your desired terms. For example, if you want a 20-year payout, your opening offer might include a 15-year payout so you and your lender have room to negotiate. Include any supporting documents that may help make your case, such as an appraisal report for the propertys worth.

Review your lenders answer to your counteroffer, which will tell you where it expects to go with the negotiations. If it budges in its terms or amends the offer in any way, its willing make some compromises. However, if it returns with its original offer, its not looking to negotiate at all.

Continue going back and forth with the lender if desired, adjusting the terms closer to where the lender is trying to settle but still within your financial comfort zone. Continue until you reach an agreement with your lender.

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