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Reaffirmation Agreement, New York

Updated: March 2, 2024

Contributors:

It is not mandatory for the Debtor to reaffirm their debt even if their statement indicates their intent to retain the property. For real property Debtor can continue making payments but not reaffirm the debt. Under 11 USC §362(h), Debtor’s failure to reaffirm, redeem and/or surrender personal property if that was her/his stated intention results in the stay being lifted as to the property and the debtor.

The federal reaffirmation agreement form is utilized to reaffirm debt. There are no additional local forms.

The servicer is permitted to charge the debtor for a reaffirmation agreement if there is equity in the property under 11 USC 506(b) and if the underlying contract allows for fees.

TOPICS: Bankruptcy, Reaffirmation Agreement

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USFN and its members have prepared this content as a public service and for general information purposes only. The information may or may not reflect the most current legal developments and under no circumstances should subscribers rely solely on this material.

Subscribers should seek independent legal counsel before acting upon any information contained in this Guide. The information is not provided in the course of an attorney-client relationship and is not intended to constitute legal advice or to substitute for obtaining legal advice from an attorney licensed in the relevant jurisdiction. Foreclosure law is complex and dependent on state, county, and federal law, as well as interpretations by the local and federal judiciary. It is advisable that servicers and other subscribers contact local counsel familiar with the rules, practices, and interpretations of the particular jurisdiction.

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