[CLBS] (no subject)

[Ken Anderson]

But one problem some of my clients have encountered recently is if they want
to refi the house post-closure. If they go to the same lender, the lender
refuses to refi fearing possible violation of the discharge (re-imposing a
discharged debt without a reaffirmation agreement). If they go elsewhere,
the new prospective lender fears its deed of trust would not be in first
position owing to the continued validity of the previous one. Still, I
generally recommend against reaffirming on a residential mortgage in ch 7
cases. 

-Ken

-----Original Message-----
From: clbs-bounces at admws.idaho.gov [mailto:clbs-bounces at admws.idaho.gov] On
Behalf Of Jeff Heineman
Sent: Friday, May 04, 2012 1:08 PM
To: 'John R. Hammond'; clbs at admws.idaho.gov
Subject: RE: [CLBS] (no subject)

In a Chapter 7 case, there are few reasons for a debtor to reaffirm such a
debt.  I have never had a debtor reaffirm such a debt.  Banks/lenders don't
require it, as they must still follow the statutes when foreclosing a deed
of trust.  Another problem is that, while a debtor may want to reaffirm, the
Court does not, generally, believe it's a good idea to allow a debtor to
reaffirm $100K+ of debt.   In a Chapter 13, a debtor (I'll assume is either
keeping or trying to save the house) doesn't receive a discharge of his
mortgage debt, unless the debtor is surrendering the house, and it becomes
an unsecured debt.  As an unsecured debt, it will receive it's pro rata
share, and then the unpaid amounts will be discharged upon completion of the
payments/plan.

Jeffrey P. Heineman
Heineman Law Office
435 W. Melrose Street
Boise, Idaho 83706
(208) 830-6124
jeff at Heinemanlaw.com
www.Heinemanlaw.com 

-----Original Message-----
From: clbs-bounces at admws.idaho.gov [mailto:clbs-bounces at admws.idaho.gov] On
Behalf Of John R. Hammond
Sent: Friday, May 04, 2012 11:13 AM
To: clbs at admws.idaho.gov
Subject: [CLBS] (no subject)

I recall there being a discussion on here awhile ago regarding whether a
debtor should or should not "reaffirm" a debt owed to a bank on a mortgage
in either a Chapter 7 or Chapter 13 case.  Can anyone out their offer their
opinion on this matter?  

 

John R. Hammond Jr.

Batt Fisher Pusch & Alderman LLP

101 S. Capitol Blvd., Suite 500

P.O. Box 1308

Boise, ID  83701

Tel: 208.331.1000

Fax: 208.331.2400

jrh at battfisher.com

 

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