Boddie John & Associates

Attorneys, Bankruptcy Law Attorneys, Bankruptcy Services

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(336) 379-0079Call Visit WebsiteVisit Website Map & DirectionsDirections706 Green Valley Rd Ste 505Greensboro, NC 27408 Write a ReviewWrite Review

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Hours

Regular Hours

Mon - Fri:	9:00 am - 5:00 pm

Places Near Greensboro with Attorneys

Woodland Hills (6 miles)
Mc Leansville (14 miles)
Jamestown (15 miles)

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Extra Phones

Phone: (336) 378-7444

Location

Summit Green Bldg

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AKA

Boddie, John, JD

Boddie John Legal Associates

John Boddie & Associates

Other Link

http://johnboddie.com

Categories

Attorneys, Bankruptcy Law Attorneys, Bankruptcy Services, Wills, Trusts & Estate Planning Attorneys

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Details

Phone: (336) 379-0079

Address: 706 Green Valley Rd Ste 505, Greensboro, NC 27408

Website: http://johnboddie.com

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Boddie John & Associates

Trusts and Estates

Wills

Bankruptcy
Because mortgages are not reaffirmed in bankruptcy cases filed in Greensboro or Winston-Salem, the banks or mortgage companies are not required to report the mortgage to the credit bureau. If you filed Chapter 7 bankruptcy, your personal obligation to pay the mortgage debt is discharged in bankruptcy just like your credit cards and other debt. The reason you are paying the mortgage is to keep the house.
Foreclosure
Sometimes my clients' mortgage company will tell them that they should have done what is called a "reaffirmation" in their Chapter 7 bankruptcy. In fact, people can keep their homes and continue paying their mortgages after bankruptcy whether the mortgage is reaffirmed or not. A reaffirmation is a procedure that benefits the mortgage company and is rarely in the homeowner's interest. What it does is reinstate the mortgage so that the homeowner becomes liable for the mortgage debt in spite of the bankruptcy even if they lose the home in foreclosure. Because reaffirmation is almost never a good idea for the homeowner, the bankruptcy judges in the Middle District of North Carolina will hold a court hearing if someone tries to reaffirm a mortgage. In most cases the judges here would disallow the reaffirmation. In some other bankruptcy courts outside North Carolina, it is more common for judges to allow a reaffirmation even if it is not in the homeowner's interest, and some mortgage companies in these other states mistakenly think that reaffirmation of the mortgage is required. In fact, reaffirmation is not required and is not even allowed by our local bankruptcy judges, except in extremely rare cases. I can recall only two cases of mine where we reaffirmed a mortgage in the last 20 years. In these cases the mortgage company drastically reduced the interest rate and the outstanding balance, and so it made sense for those two clients to reaffirm the new deal. For everyone else I represented, the mortgage companies refused to offer a better deal and so there was no reason to reaffirm.

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