SO, WHAT`S MY POINT? Your lender is not your friend when it comes to confirmation agreements. If you speak to your lawyer, you will receive good legal advice to determine the law and your rights. Talk to people about www.makinghomeaffordable.gov. Talk to other lenders. This is a legal area that is changing every day. If you don`t fall into the trap of accepting a « no » today, tomorrow will always be a « no. » The agreement on the assertion will take effect with the filing before the Court of Justice if it is represented by a lawyer and is not considered unjustified severity. In accordance with the language of the confirmation agreement set out in the code « … A judicial authorization is not required if your confirmation agreement is for a mortgage, a confident trust, a security deposit or other right to pledge to your property, such as your home. What steps do I need to take to achieve this if I need the agreement? Some states have laws that protect their owners called non-recourse or anti-defect statutes. For example, in Arizona, an owner cannot be sued after the sale of an attorney, as long as the property fits a particular description: 2 1/2 hectares or less, used and occupied as one or two family residences. Therefore, even if an Arizona owner signs a confirmation agreement, they are not held responsible for a first position of trust (probably not for an act of junior trust). However, Arizona judges will not sign a confirmation agreement on residential property.
You take this position to protect the naïve owner who is harassed by the lender to sign a confirmation agreement. If a homeowner has declared bankruptcy for many, there is a lender on the affected house. Once the debt is accepted by the bankruptcy court, the borrower is no longer personally responsible for the debt. But if the borrower wants to keep his house, they have to pay the regular monthly payment because there is a pledge or security interest in the property. Some lenders will ask the borrower to confirm the debt by signing a confirmation agreement after the declaration of insolvency. In some states, this confirmation agreement will give the lender the right to sue the borrower in the event of a subsequent default.