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A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.
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∙ 11y ago
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What is a reaffirmed mortgage?
A reaffirmed mortgage is one that was included in a bankruptcy but the homeowners get to keep the home instead of losing it back to the bank. The payments and length of loan may be adjusted.
How do you get a car title after bankruptcy 1 year ago?
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
How much do you need to put down on a home loan if you have a 2-year bankruptcy with a reaffirmed car loan and no other credit?
I seriously doubt there would be much chance of securing a homeowner's loan given these circumstances. If it were at all possible the interest rate and down payment would be VERY high, regardless of the value of the property.
Your auto loan was 70 days delinquent and rolled over that way for a year as you continued to make payments. The creditor charged it off without contacting you as you paid off the loan. Legal?
Possibly, if the loan was not reaffirmed with the lender. The lender usually reserves the right to charge off the loan if it has been defaulted either in entirety or partially for 180 days. The exception would be if the borrower has proof of a material breach of contract.
How do you pay off a loan that was not reaffirmed during a chapter 7 bankruptcy?
If it was a secured loan, you either reaffirm or surrender the collateral. If it was an unsecured loan you can pay it off. Do not repay in regular monthly installments or you may reinstate the debt. If it is close to the date your c 7 was closed, I do not advise you to pay it off right away. If it involves paying a relative or friend, wait even longer.
What do you do with your car after bankruptcy that was not reaffirmed?
The question makes no sense. Bankruptcies don't get "reaffirmed". Individual loans, however, may get reaffirmed in a bankruptcy.If you had a loan for your car, and that loan was neither reaffirmed nor wiped out by the bankruptcy, then you should expect the repo men to show up very soon.
Can the bank repossess a vehicle even if the payments are current?
Not IF you reaffirmed the loan with the creditor.
What is a reaffirmed mortgage?
A reaffirmed mortgage is one that was included in a bankruptcy but the homeowners get to keep the home instead of losing it back to the bank. The payments and length of loan may be adjusted.
What can a creditor do if you stop payments on a secured loan that was not reaffirmed?
Repossess or foreclose on the secured property if the agreement is in default.
How do you get a car title after bankruptcy 1 year ago?
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
How much do you need to put down on a home loan if you have a 2-year bankruptcy with a reaffirmed car loan and no other credit?
I seriously doubt there would be much chance of securing a homeowner's loan given these circumstances. If it were at all possible the interest rate and down payment would be VERY high, regardless of the value of the property.
What covenant with God did the Israelites believe was reaffirmed by the ten commandments?
They believed that the giving of the commandments reaffirmed their covenant with god.
Do you have to turn in your lease vehicle once you file Chapter 13?
Chapter 13 is a reorganization of debt. I wouldn't think so as long as you reaffirmed the loan. Yet read the contract and see if this is even possible
Your auto loan was 70 days delinquent and rolled over that way for a year as you continued to make payments. The creditor charged it off without contacting you as you paid off the loan. Legal?
Possibly, if the loan was not reaffirmed with the lender. The lender usually reserves the right to charge off the loan if it has been defaulted either in entirety or partially for 180 days. The exception would be if the borrower has proof of a material breach of contract.
How do you pay off a loan that was not reaffirmed during a chapter 7 bankruptcy?
If it was a secured loan, you either reaffirm or surrender the collateral. If it was an unsecured loan you can pay it off. Do not repay in regular monthly installments or you may reinstate the debt. If it is close to the date your c 7 was closed, I do not advise you to pay it off right away. If it involves paying a relative or friend, wait even longer.
If loan is not reaffirmed on a mortgage is the property still mine payments are made on time?
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
