Legal Question in Bankruptcy in Nevada
Reaffirmation of Home in Bankruptcy
Filed chapter 7 bankruptcy in May 2009. Stated in BK paperwork I would reaffirm my home loan and car loan. Both loans are current. I was told by paralegal that bankruptcy courts do not recognize home reaffirmation agreements, so there was no need to sign one. Also, my lender, Countrywide has stated that they don't do reaffirmations. I thought this was a requirement of the bankruptcy courts in order to keep your property. Isn't it helpful to have a home loan on your credit report after bankruptcy to start rebuilding your credit?
2 Answers from Attorneys
Re: Reaffirmation of Home in Bankruptcy
Reaffirmations are unnecessary if you are not.behind om payments. In Chapter 7 the Court cannot modify a mortgage. You either pay or get foreclosed on..
Reaffirmation of Home in Bankruptcy
To answer your question, it is not customary to reaffirm a home loan after Bankruptcy in Nevada. It typically is not a good idea if you can avoid doing it despite the credit issues you are having.
The problems you are having are directly linked using a paralegal to prepare your Bankruptcy. The paralegal you used should not have tried to advise you about reaffirmation because 1) she wasn't qualified 2) the advice was bad 3) giving you advice was illegal.
When you hire an attorney to handle your bankruptcy, you can obtain competent information on rebuilding your credit once your case is over. This is a special service I provide my clients. The information is too detailed to provide in this forum and is available for my clients only.
Perhaps there is another way my office can help you - if you are in Las Vegas, feel free to call us to discuss this with Kevin at my office.
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