Quicken Loans Reaffirmation Agreement
As a professional, it`s important to understand the significance of keywords in digital content. In this article, we`ll discuss the „quicken loans reaffirmation agreement” and provide valuable information on what it means and how it can impact borrowers.
What is a Quicken Loans Reaffirmation Agreement?
A reaffirmation agreement in the context of a Quicken Loans mortgage is a legal document that a borrower signs after filing for bankruptcy. It`s an agreement that confirms the borrower`s intention to keep the mortgage and continue making payments. By signing the document, the borrower agrees to make timely payments and maintain the property in good condition.
Why is a Quicken Loans Reaffirmation Agreement Important?
When a borrower files for bankruptcy, the process includes a discharge of personal liability for the mortgage debt. This means that the borrower is no longer personally responsible for the debt, and the lender cannot take any legal action to collect the debt from the borrower.
However, if the borrower wants to keep the property and continue making mortgage payments, they must sign a reaffirmation agreement. This agreement nullifies the discharge of personal liability and reinstates the borrower`s obligation to pay the mortgage.
Without a reaffirmation agreement, the lender may decide to foreclose on the property. In some cases, the lender may be willing to work with the borrower on a new repayment plan, but this is not guaranteed.
How to Get a Quicken Loans Reaffirmation Agreement
If you`ve filed for bankruptcy and want to keep your Quicken Loans mortgage, you`ll need to contact your loan servicer to request a reaffirmation agreement. The loan servicer will review your case and determine if a reaffirmation agreement is appropriate.
If the loan servicer agrees to a reaffirmation agreement, they`ll send you a document to sign. Before signing the document, make sure you understand all the terms and conditions. If you`re unsure about anything, seek legal advice.
It`s important to note that a reaffirmation agreement is not always necessary or advisable. If you`re struggling to make mortgage payments, it may be better to consider other options, such as a loan modification or short sale.
A Quicken Loans reaffirmation agreement is an important legal document that confirms a borrower`s intention to keep their mortgage and continue making payments after filing for bankruptcy. Without a reaffirmation agreement, the lender may decide to foreclose on the property. If you`re considering signing a reaffirmation agreement, make sure you understand all the terms and seek legal advice if needed.