WebThe reaffirmation agreement also requires the debtor’s bankruptcy attorney to indicate that he or she has read the agreement and that it does not impose any undue hardship on the … WebOct 12, 2016 · People frequently reaffirm auto loans in bankruptcy but, in California, do not usually reaffirm mortgage loans. The difference between reaffirming a debt and paying it after bankruptcy and not reaffirming it and paying it after bankruptcy lies in the rights the creditor has in the event there is a default on the payments.

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WebMay 10, 2010 · Hi tke, As you've filed Chapter 13, you won't be able to reaffirm your mortgage. Rather your lender will give you a repayment plan and you'll have to pay the dues as per the plan to save the property. If you're unable to pay the dues, then the lender will foreclose it. Take care. WebJun 5, 2013 · Answered on Jun 05th, 2013 at 8:18 PM. You cannot reaffirm any debt after your bankruptcy has been discharged. Bankruptcy law requires any reaffirmation to occur … how many square feet in 1 square mile

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WebCons of Reaffirming a Mortgage. The main downside of reaffirming a mortgage is that you become personally liable for the debt. This means that if you default on the mortgage in the future, the lender can come after you for the remaining balance. Additionally, reaffirming a mortgage can limit your ability to refinance or sell your home in the ... Webtheteejabides • 2 hr. ago. You sign a reaffirmation agreement, you remove your mortgage debt from the bankruptcy. If you keep making payments, nothing happens, but if you end up losing the home, and the bank sells it for less than you owe, you're on the hook for the deficiency amount. If you do not sign an agreement, which is generally the ... WebJan 17, 2024 · Chapter 7 bankruptcy is also known as total bankruptcy. It’s a wipeout of much (or all) of your outstanding debt. Also, it might force you to sell or liquidate some of … how many square feet in 1 gallon of water