I understand that with some lenders if you dont reaffirm your car loan they might take your car even if you are current, and have the right to do so.
How does that work with homes? If I dont reaffirm my 1st mortgage, either by my choice or theirs, does that mean they can foreclose any time they want in the future? Let's say home prices bounce back big time in the next ten years: it would be profitable to foreclose, so could they?
I dont know about my 1st lender, but know that BoA, my 2nd and 3rd, do not reaffirm. Could they pull a fast one on me in the future, even if I am current?
I also learned on the forum today that you can settle your 2nd and 3rd after bk. never heard that before. i guess that's another question for later though.
thanks,
MMP
How does that work with homes? If I dont reaffirm my 1st mortgage, either by my choice or theirs, does that mean they can foreclose any time they want in the future? Let's say home prices bounce back big time in the next ten years: it would be profitable to foreclose, so could they?
I dont know about my 1st lender, but know that BoA, my 2nd and 3rd, do not reaffirm. Could they pull a fast one on me in the future, even if I am current?
I also learned on the forum today that you can settle your 2nd and 3rd after bk. never heard that before. i guess that's another question for later though.
thanks,
MMP
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