Does Wells Fargo Require Reaffirmation?

Mortgage lenders requiring all borrowers to sign a reaffirmation as part of a bankruptcy before agreeing to refinance the loan. Wells Fargo and other lenders who have this policy ignore bankruptcy law governing reaffirmation and some state laws governing deficiency.

Can I refinance my home if I did not reaffirm?

Not reaffirming doesn't prevent someone from refinancing, but it may prevent you from refinancing with your current lender. All mortgage companies are more picky than they used to be about qualifying someone for a mortgage loan. Check with your local credit union for more information on the requirements to refinance.

What happens if mortgage is not reaffirmed?

If you do not reaffirm the mortgage, your personal liability for paying the debt represented by the promissory note is discharged in your bankruptcy case. ... The company can foreclose the mortgage and force a foreclosure sale if you stop making payments.