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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2863
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I live in Maryland. I got a notice from the U.S. Bankruptcy

Customer Question

I live in Maryland.

I got a notice from the U.S. Bankruptcy Court. It's to my husband and myself.

Its says the following....

Please take notice that a Reaffirmation Agreement hearing will be held at (address) on 11/18 at 1:30 to consider and act upon the following: 15-Reaffirmation agreement, and declaration of Counsel, between Debtor and PNC Mortgage a division of PNC Bank N. A. Filed by PNC Mortgage, a Divison of PNC Bank, N. A.

My question is this. Is this just to inform us or are we supposed to attend this hearing?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Are you the debtor in this case? If so, you or your husband should appear to demonstrate that the mortgage payment is affordable. bring proof of all household income to support your ability to make the monthly payment along with all of your other expenses listed on schedule J. Judges want to be sure you aren't getting back in over your head when you cannot afford payments, they don't want to keep you on the hook if you can't afford it.

Terry L. :

Your attorney can explain the process. It's fairly short meeting, just looking out for you!

Terry L. :

Let me know if you have any other questions.

Terry L. :

Thanks

Terry L. :

Terry L

Customer :

Ok, if the judge thinks we will not be able to afford the mortgage what will happen? We haven't missed any payments. Can the judge makes us sell the house? I'm not sure what to expect if he denies us.

Terry L. :

sorry , i had stepped away

Terry L. :

It is a #s game. If you can show that you can afford the monthly bills and the mortgage, then they will grant the reaffirmation.

Terry L. :

if not, then it will be denied.

Terry L. :

You can still make payments, most lenders will accept them, and you can keep the property

Terry L. :

You won't get 'credit' on your credit report for making timely payments, but the lender will reduce the balance as you pay.

Terry L. :

You can always refinance down the line

Terry L. :

Any further questions?

Customer :

That sucks

Customer :

So basically, PNC just doesn't want to report it to the credit reporting agencies if they don't have too.

Customer :

That's really all it amounts too. What a waste of time. Ugh

Terry L. :

They will if the court approves the reaffirmation

Terry L. :

By law, they cannot without a reaffirmation

Terry L. :

So, talk to your lawyer, bring all proof of income so that the court can see it is affordable, and they will let you reaffirm if your budget supports it

Terry L. :

Any further questions?

Terry L. :

if you do, just let me know. if not, click accept and rate my answer please. thanks

Terry L. :

Terry

Terry L. :

Good luck at the hearing

Terry L. :

Did you have any further questions?

IF you do, just let me know, otherwise click accept to close the question and rate my answer.
Thanks
Terry L