Sentences with phrase «mortgage reaffirmation agreement»
If a clients signs a first mortgage reaffirmation agreement and later defaults on the mortgage loan, the lender will still foreclose, but assuming that the lender forecloses by advertisement (and almost all mortgages are foreclosed this way in Minnesota), the debtor need not worry about having to pay a deficiency if the home sells for less than the mortgage balance.
http://blog.kainscott.com/ Not exact matches
Some lenders won't send monthly statements for your mortgage payments or allow you to set up automatic debits from your bank account without a reaffirmation agreement.
Reaffirmation — by Metro Richmond Bankruptcy Attorney, Mitchell Goldstein Reaffirmation Agreement — by Cleveland Bankruptcy Attorney, Bill Balena Reaffirmation Agreements — by Omaha / Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell Reaffirming Your Mortgage — by Allen Park, Michigan Bankruptcy Attorney, Christopher McAvoy Real Estate — by Livonia, Michigan Bankruptcy Attorney, Peter Behrmann Real Party in Interest — by Lakewood, CA Bankruptcy Attorney, Christine A. Wilton Redemption — by New York Bankruptcy Lawyer, Jay S. Fleischman Redemption — by Metro Richmond Bankruptcy Attorney, Mitchell Goldstein Rental vs. Continued Home Ownership — by Philadelphia Suburban Bankruptcy Lawyer, Chris Carr Renting After Bankruptcy — by Los Angeles Bankruptcy Attorney, Mark J. Markus Reorganization — by Northern California Bankruptcy Lawyer, Catherine Eranthe Repossession — by Colorado Springs Bankruptcy Lawyer Bob Doig Repossession — by Kona Bankruptcy Lawyer, Stuart T. Ing Retirement — by Bay Area Bankruptcy Lawyer Cathy Moran
Clients should understand that second mortgage companies can not foreclose on its mortgage simply because a bankruptcy debtor chooses not to sign a reaffirmation agreement.
The reason that we tend not to see reaffirmation agreements on home mortgages has to do with Minnesota's status as a non-recourse state.
So there's no good reason to sign a reaffirmation agreement on a first mortgage, and as a practical matter a bankruptcy debtor with a first mortgage will usually not see a reaffirmation agreement proposed.
Bankruptcy debtors should not sign reaffirmation agreements on second mortgage loans.
And since filing a bankruptcy case, or filing to sign a reaffirmation agreement following the filing of a bankruptcy case is not grounds for a mortgage lender to start a foreclosure, the non-signing client really doesn't face the same risks that a non-signing client does with a car loan.
So the bankruptcy discharge that would otherwise eliminate the debtor's personal liability on a mortgage loan or car loan does not apply to the secured debt that is the subject of the reaffirmation agreement.
In an earlier blog I discussed the pros and cons of signing reaffirmation agreements for first mortgages.
Home mortgage lenders will sometimes, although not all the time, also send you reaffirmation agreements.
In my opinion, the client should never sign a reaffirmation agreement for a «junior» mortgage - either a second mortgage or a home equity line of credit.
And because second mortgage holders may not want to pay off first mortgages in cases where the first mortgage is in default, second mortgage holders will often propose a reaffirmation agreement to bankruptcy debtors.
The mortgage lender may offer to reduce the interest rate on the loan or otherwise make the terms more favorable in an effort to induce you to sign a Reaffirmation Agreement.
A reaffirmation agreement is an agreement whereby you're telling the lender and the bankruptcy court that you intend to assume responsibility of the account such as an auto loan or home mortgage by maintaining future payments on the account.