Is the reaffirmation still in effect? 16 Answers as of January 29, 2014

I filed Chapter 7 in 2010, reaffirmed a second mortgage with HFC now 2013 the account transferred to another company.

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Stephens Gourley & Bywater | David A. Stephens
Yes it is.
Answer Applies to: Nevada
Replied: 1/29/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I am not sure why you reaffirmed a mortgage obligation. The Bankruptcy Code does NOT mandate such reaffirmation agreements, so I counsel my clients to never reaffirm mortgage obligations. The mortgage companies say they will not send you monthly statements, or that they will not report (favorably) your payment history to the credit bureaus. I say, "so what!" Anyway, be sure you double check the bankruptcy papers and make sure the Bankruptcy Court approved the reaffirmation agreement (the court systems keeps this stuff on a computer chip, and you can retrieve it years later). In any case, to answer your specific questions, if you are 100% positive the reaffirmation agreement was approved by the court, the new creditor (the assignee) gets the same advantages or benefits of the original creditor.
Answer Applies to: Colorado
Replied: 1/27/2014
Rhymer Law Firm
Rhymer Law Firm | William Rhymer
If a valid reaffirmation agreement was filed, then you would still be legally liable for the debt. Mortgage companies can sell the debt and you would still owe it to the buyer.
Answer Applies to: Georgia
Replied: 1/27/2014
Law Offices of Linda Rose Fessler | Linda Fessler
The reaffirmation is still in effect.
Answer Applies to: California
Replied: 1/27/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Yes, if the reaffirmation was filed timely then it will always remain in effect regardless of transfer.
Answer Applies to: New York
Replied: 1/27/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    Yes, the reaffirmation is still in effect. The new owner of the note takes the entire contract upon assignment.
    Answer Applies to: Nevada
    Replied: 1/27/2014
    Law Office of Jeffrey Solomon
    Law Office of Jeffrey Solomon | Jeffrey Solomon
    Signing a reaffirmation of a mortgage is risky because you continue to be personally liable on the debt. When the creditor sells the promissory note to a new creditor your obligation that was reaffirmed will continue with the new creditor.
    Answer Applies to: Florida
    Replied: 1/24/2014
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    Yes. The new lender it services purchased the account with all it's terms.
    Answer Applies to: Colorado
    Replied: 1/24/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    When a lender sells a mortgage loan, it sells all of the rights it owns, so that would include the lender's rights under a reaffirmation agreement.
    Answer Applies to: Nevada
    Replied: 1/24/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    That happens all the time. Does not change the loan terms.
    Answer Applies to: California
    Replied: 1/24/2014
    Garner Law Office
    Garner Law Office | Daniel Garner
    Yes, you are still obligated on the mortgage you reaffirmed; that is why HFC can transfer it, because your obligation can be enforced legally.
    Answer Applies to: Oregon
    Replied: 1/24/2014
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