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Does Reaffirming My Mortgage Mean The Lender Can Garnish My Wages In The Future?

Yes, when you reaffirm your mortgage in bankruptcy, you are agreeing to the original terms of the loan, which comes in two parts.

The enduring piece of a mortgage loan is the lien on your house, and while bankruptcy can slow down a foreclosure, mortgages are perfected liens that mean that in the end, if you don’t pay, the lender takes the home.

The second part of the loan is the personal obligation piece, which says that if you don’t pay the mortgage, you can personally be sued, your wages garnished, and so forth.

Because the lien is intact regardless of bankruptcy, reaffirming your mortgage means that you are reaffirming the bank’s right to sue you and garnish your wages if you fall behind on payments in the future.

You may not have to reaffirm your mortgage, and you may not want to.

Understand your rights by calling the attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.