Sentences with phrase «of reaffirmation agreements»

It is important to keep in mind that the discussion of reaffirmation agreements only applies to Chapter 7 bankruptcy cases.

Check out THIS POST for a more detailed explanation of reaffirmation agreements.

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.

Any default of the reaffirmation agreement will not be covered by your bankruptcy, and the bankruptcy court wants to be sure you know it.

The only negative impact of the lack of a Reaffirmation Agreement is that he lender no longer has the obligation to report your voluntary payments to the three major credit bureaus.

Not exact matches

Rather than repossess a vehicle that has a loan of $ 5000 against it (and receive $ 1000 for it at an auction), the smarter creditors will agree to just continue taking your money without a reaffirmation agreement if you're willing to continue paying.

I am a bankruptcy paralegal in Georgia, and I can tell you from my personal experience the neither Bank of American nor Wells Fargo will proactively send out a reaffirmation agreement to our office.

If the client has signed a reaffirmation agreement, the client will be legally responsible for the deficiency between the loan balance as of the time the car was repossessed, together with the costs of repossession (tow - truck, storage, etc.) and the sales price of the vehicle when the vehicle is sold at an auction.

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.

In an earlier blog I discussed the pros and cons of signing reaffirmation agreements for first mortgages.

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.

For example, to keep a car the debtor may choose to redeem the debt (pay the secured creditor the value of the collateral in exchange for a release by the creditor of their lien) or reaffirm the debt (sign a reaffirmation agreement and continue to make car payments).

Reaffirmation agreements do not improve your credit score, are usually always made in favor of the creditors, are not required by law, do not guarantee you will pay for the loan, and the debts covered by them can not be discharged in bankruptcy.

On the other hand, if you signed a reaffirmation agreement without the knowledge of your lawyer and the bankruptcy court and the items were actually discharged, you may have a legal case that you do not have pay the creditor.

A Reaffirmation Agreement is simply a restatement of your original promise to pay the amount owed contained in the note.

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.

Reaffirmation agreements are not required in bankruptcy and are totally voluntary, and there may be certain circumstances when they make sense, such as in the case of a borrower who has inadvertently received federal Title IV loan funds in excess of an annual or aggregate loan limit and wishes to regain eligibility for additional Title IV aid.

This represents a significant reaffirmation of ISDS at a time when its status in other trade agreements, including the NAFTA, is uncertain.

In the case of seller bankruptcy, the seller should agree in the wrap agreement to execute a reaffirmation agreement on the wrapped debt (i.e., rather than surrendering the property to the lender seeking or otherwise seeking to avoid the debt).