Boddie John Attorney At Law

Bankruptcy Law Attorneys, Attorneys, Bankruptcy Services

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(336) 379-0079Call Visit WebsiteVisit Website Map & DirectionsDirections2302 W Meadowview Rd Ste 124Greensboro, NC 27407 Write a ReviewWrite Review

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Mon - Thu:	9:00 am - 5:00 pm
Fri:	9:00 am - 3:00 pm

Places Near Greensboro with Bankruptcy Law Attorneys

Woodland Hills (9 miles)
Jamestown (10 miles)
Pleasant Garden (12 miles)

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John Boddie & Assoc

John Attorney Boddie at Law

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http://www.johnboddie.com

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Bankruptcy Law Attorneys, Attorneys, Bankruptcy Services, Foreclosure Services, Wills, Trusts & Estate Planning Attorneys

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Phone: (336) 379-0079

Address: 2302 W Meadowview Rd Ste 124, Greensboro, NC 27407

Website: http://www.johnboddie.com

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Boddie John Attorney At Law

Trusts and Estates

Wills

Bankruptcy
Because mortgages are not reaffirmed in bankruptcy cases filed in Greensboro or Winston-Salem, the banks or mortgage companies are not required to report the mortgage to the credit bureau. If you filed Chapter 7 bankruptcy, your personal obligation to pay the mortgage debt is discharged in bankruptcy just like your credit cards and other debt. The reason you are paying the mortgage is to keep the house.
Foreclosure
Sometimes my clients' mortgage company will tell them that they should have done what is called a "reaffirmation" in their Chapter 7 bankruptcy. In fact, people can keep their homes and continue paying their mortgages after bankruptcy whether the mortgage is reaffirmed or not. A reaffirmation is a procedure that benefits the mortgage company and is rarely in the homeowner's interest. What it does is reinstate the mortgage so that the homeowner becomes liable for the mortgage debt in spite of the bankruptcy even if they lose the home in foreclosure. Because reaffirmation is almost never a good idea for the homeowner, the bankruptcy judges in the Middle District of North Carolina will hold a court hearing if someone tries to reaffirm a mortgage. In most cases the judges here would disallow the reaffirmation. In some other bankruptcy courts outside North Carolina, it is more common for judges to allow a reaffirmation even if it is not in the homeowner's interest, and some mortgage companies in these other states mistakenly think that reaffirmation of the mortgage is required. In fact, reaffirmation is not required and is not even allowed by our local bankruptcy judges, except in extremely rare cases. I can recall only two cases of mine where we reaffirmed a mortgage in the last 20 years. In these cases the mortgage company drastically reduced the interest rate and the outstanding balance, and so it made sense for those two clients to reaffirm the new deal. For everyone else I represented, the mortgage companies refused to offer a better deal and so there was no reason to reaffirm.

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