Reaffirmation Agreements and Home Loans
Posted: Tue Aug 28, 2012 4:11 pm
That they are personally forgiven of the debt but the debt is secured to the land so if they want to keep the property they need to make the monthly mortgage payments.
That a special carve out was given to auto lenders and therefore it is necessary to complete the reaffirmation agreement and attend the hearing, however, if the reaffirmation agreement is not approved then the client has a ride through and as long as they are current on payments and the vehicle is properly insured they can keep the vehicle.
That it is in their best interest not to enter a reaffirmation agreement for real property because (1) it is not required and (2) if the real property becomes overwhelming they can walk away without personal liability, except HOA fees.
They can send a QWR if they want an accounting. Dispute the credit reporting information that does not list the post petition on time payments.
Law Office of Catherine Christiansen
________________________________
To: cdcbaa@yahoogroups.com
Sent: Tuesday, August 28, 2012 1:07 PM
Subject: [cdcbaa] Reaffirmation Agreements and Home Loans
All,
I have received 3 calls in the past 2 weeks from clients who have received their discharge. Two of the clients had first trust deeds with Bank of America and one had a first trust deed with Wells Fargo. In each instance, the bank is not reporting the on time postdischarge payments because no reaffirmation agreement was entered by the court.
I have tried to explain to my clients that even if the bank had sent a reaffirmation agreement (which they didn't), I would have advised them not to sign it. I further advised them that I don't believe most judges would approve the agreements.
What are others advising their discharged clients when faced with this situation?
Thanks, Larry
The post was migrated from Yahoo.