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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12521
Experience:  B.A.; M.B.A.; J.D.
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This question is for Phillips. I asked you about my reaffirmation

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This question is for Phillips.
I asked you about my reaffirmation to the house last week and you said you advise your clients not to sign it. The reaffirmation is from the Bankruptcy court, but someone from PNC bank signed it. That's where we have our mortgage. My question is since it's from the Bankruptcy court, do I need to inform them that I don't want to reaffirm or do I just send it back to my Lawyer telling him I don't want to sign it?
Submitted: 7 months ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 7 months ago.
Hello: This is PhillipsEsq. I am a licensed Attorney and I will be assisting you today.

This question is for Phillips.
I asked you about my reaffirmation to the house last week and you said you advise your clients not to sign it. The reaffirmation is from the Bankruptcy court, but someone from PNC bank signed it. That's where we have our mortgage. My question is since it's from the Bankruptcy court, do I need to inform them that I don't want to reaffirm or do I just send it back to my Lawyer telling him I don't want to sign it?

Response: The Reaffirmation Agreement is not from the Bankruptcy Court. Bankruptcy Court does not send out Reaffirmation Agreement. The Reaffirmation Agreement is prepared by the creditor with the Court's caption and then send to the debtor or debtor's counsel if the debtor is represented by counsel for signing by the Attorney and the debtor. If you have decided not to sign it, you just need to let your Attorney know and retain that copy of the partially executed agreement for your record. Your Attorney should have a copy already—at least I hope that his office made a copy for his record before forwarding it to you.

Customer: replied 7 months ago.

Hello, I read where if I don't reaffirm my mortgage,it makes it hard for us in the future to build up our credit report again because by not reaffirming, the credit report doesn't recognize our mortgage payments. Basically, it makes it look like we included our mortgage in the bankruptcy. Is this true? I'm really worried now. I want to be able to reestablish my credit.

Expert:  Phillips Esq. replied 7 months ago.

Hello, I read where if I don't reaffirm my mortgage,it makes it hard for us in the future to build up our credit report again because by not reaffirming, the credit report doesn't recognize our mortgage payments. Basically, it makes it look like we included our mortgage in the bankruptcy. Is this true? I'm really worried now. I want to be able to reestablish my credit.



Response: If you do not reaffirm, the lender would not report your future payments on your credit report. Yes, that is true. However, if you reaffirm and then decide to walk away, you are responsible for the mortgage because the reaffirmation nullifies the benefits of your bankruptcy filing. So, you would be on the hook for the mortgage even after your bankruptcy, if your reaffirm. The fact that you filed for bankruptcy protection will still be on your credit file for up to ten years and that alone would give any potential lender a pause. However, it is ultimately your call as to what you are going to do. You have to weigh the costs and benefits of each option. As previously discussed, I cannot tell you what to do.

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12521
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 months ago.

Well, we should be able to make the payments and once the bankruptcy is a closed case, we would not be able to add the mortgage in the bankruptcy anyway. So basically, I think we will sign it in hopes of the chance to build up our credit sooner. It's just my gut, but I could be wrong. Thank you for your help.

Customer: replied 7 months ago.

I also wanted to add that once I am done with this (or if), I will be giving you and Wallstreet a big bonus. I just can't pay anything right now. I hope you both understand.

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