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Do I Have to
Reaffirm Car Loans, Home Mortgages? If you are behind on a car loan or a home mortgage and you can afford to catch up, you can reaffirm and possibly keep your car or home. If the lender agrees to give you the time you need to get caught up on a default, this may be a good reason to reaffirm. But if you were having trouble staying current with your payments before bankruptcy and your situation has not improved, reaffirmation may be a mistake. The collateral is likely to be repossessed or foreclosed anyway after bankruptcy, because your obligation to make payments continues. If you have reaffirmed, you could then be required to pay the difference between what the collateral is sold for and what you owe. If you are up to date on your loan, you may not need to reaffirm to keep your car or home. Some lenders will let you keep your property without signing a reaffirmation as long as you continue to make your payments. In some parts of the country, like California, you have this as a legal right. For more information about bankruptcy, please call us at 408-294-6100, or e-mail us via info@sjconsumerlaw.com. One of our attorneys will be able to answer any questions which you may have in greater detail. Please remember that the foregoing information is of a general nature, and does not constitute legal advice. The facts of each situation are unique, and we must discuss those facts with you before any advice can be given. |
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