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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2830
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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in 2006 my wife and i went through a bankruptcy, part of the

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in 2006 my wife and i went through a bankruptcy, part of the process was for my lawyer to send a letter of re-confirmtion of debt to our morgage holder (chase) our lawyer was 2 days late sending this and when we went to buy a car this year we found out no record was being made buy chase of our house payments. Chase told us that we were in no way libel to make payments sence the debt was never re-confirmed. we are told by both our lawyer and Chase that if we stoped making payments on our house that nothing bad can happen to our credit record. because our lawyer may be prejudice (he caused it) i wanted to get a 3rd opinion. can we just stop paying and nothing bad can happen-? record wise? thank you. Patrick

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

You are correct, that there would be no further impact on credit for timely or late payemnts.

Terry L. :

The only thing that may happen is if you do not pay,the lender can foreclose to transfer title back to them.

Terry L. :

You are no longer on the hook for future payments. you can make the payments, and if you stay current the lender will let you keep the home.

Terry L. :

many people refinance after bankruptcy due to lower interest rates etc, and that is something you can consider, as needed.

Terry L. :

The term you are looking for is Reaffirmation (not re-confirmation).

Terry L. :

Do you have any questions?

JACUSTOMER-utvd1gum- :

hi, what is the general time limit for the lender to proceed with forcloser in our case?

JACUSTOMER-utvd1gum- :

did you get my 2nd question?

JACUSTOMER-utvd1gum- :

Terry, are you still there?

Terry L. :

sorry, yes

Terry L. :

that depends on the state. in IL it is 6-9 months

Terry L. :

some states can do it quicker though, depending on the foreclosure process if it requires court or not as well.

JACUSTOMER-utvd1gum- :

but if we never re-confirmed the debt we couldnt be taken to court? right?

JACUSTOMER-utvd1gum- :

olso (last question) could the forclosure go through quicker because we never re-affirmed the debt?

Terry L. :

if you did not reaffirm the debt, then it is discharged, and the lender cannot collect the money from you. They would have to foreclose, and some states require a court to order the foreclosure, which they would have to do. But the court would not order a monetary judgment, just possession and title transfer.

JACUSTOMER-utvd1gum- :

isnt ther a freese on forclosures right now? is that still on?

Terry L. :

it depends on the lender, and the state.

Terry L. and other Bankruptcy Law Specialists are ready to help you

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