What is the name of your state? UT
Here in Utah we do not have to reaffirm loans in order to keep our property. I want to make sure I understand it the way it was explained to me. For example, if I owe $15000 on a car after the discharge I technically no longer owe the finance company any money as it was discharged in the bk. However, since they hold a lien on the vehicle I need to satisfy the lien in order to prevent repossesion. Am I correct in this example.
My question has to do with my mortgage. I have an ARM mortgage that I am current on. This was included in the bk. I will not be reaffirming this note. Is my original note I signed still in force for the ARM, in otherwords, can they continue to adjust my mortgage rate every 6 months?
Thanks in advance.
Here in Utah we do not have to reaffirm loans in order to keep our property. I want to make sure I understand it the way it was explained to me. For example, if I owe $15000 on a car after the discharge I technically no longer owe the finance company any money as it was discharged in the bk. However, since they hold a lien on the vehicle I need to satisfy the lien in order to prevent repossesion. Am I correct in this example.
My question has to do with my mortgage. I have an ARM mortgage that I am current on. This was included in the bk. I will not be reaffirming this note. Is my original note I signed still in force for the ARM, in otherwords, can they continue to adjust my mortgage rate every 6 months?
Thanks in advance.