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Wells Fargo Reaffirmation Agreement

Wells Fargo Reaffirmation Agreement

I am a bankruptcy paralegal in Georgia, and I can tell you from my personal experience that neither the Bank of American nor Wells Fargo will send a pro-active confirmation agreement to our office. It can literally take hours to navigate their phone trees to get to the right service, and once I`ve sent the agreement, I usually have to check four to five times. It is absolutely frustrating to have a customer who wants to sign an agreement just to get the deal after the discharge. In Georgia, you cannot open a file in which a confirmation agreement is reached if the agreement was executed before the discharge entry. I would like to add that customers who do not confirm their primary mortgage are usually blown up on their credit reports because mortgages are declared offloaded at the end. This is also the case when they make each payment without notice. However, there is a good thing; The first submission indicating that a debtor wishes to confirm usually leads the bank to ask us for permission to discuss credit changes with the debtor; even if they refused to discuss it with them before the filing. Since confirmation agreements rarely benefit the debtor, I generally advise clients not to sign them. Before you make this important decision, be sure to discuss the issue with your lawyer. Here in Wisconsin, the judges won`t reopen just to file a confirmation agreement. But the creditors keep telling the debtors that the lawyer has confused and must reopen the case to file the reaff months after the end of the proceedings. “Frustrating” is sweet.

BoA was wrong. There are cases where it is established that it is the creditor`s duty to prepare a confirmation agreement. I don`t know anyone who says the debtor is responsible. BoA may not have sent you a confirmation agreement because it knew it wasn`t necessary. Many lenders don`t even bother to rearmer real estate. This is generally good for the debtor. Many programs will refinance as soon as a bankruptcy is complete. For example, borrowers who have received Chapter 7 bankruptcy relief in a case where the first pawnbroker mortgage, which did not confirm the mortgage debt under current legislation, is eligible for certain programs, depending on the type of loan.


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