Time limit to reaffirm a mortgage or auto in NC?

[BROKEDED]

Is there a time limit to reaffirm a 1st or 2nd mortgage?

I've seen that there is a 45 day time limit to reaffirm auto loans in some states but I can't find if that is the case in North Carolina?

[justbroke]

Is there a time limit to reaffirm a 1st or 2nd mortgage?

Your Statement of Intentions (SOI) is required to be filed within 30 days of filing your petition, or on or before the date of the 341 Meeting, whichever is earlier. You then have 45 days after the filing of your SOI to act upon what you stated in your SOI.

This is the same for all Districts.

Justbroke's study guide: see 11 USC 521(a)(2)

[BROKEDED]

According to that, though, you elect to redeem or reaffirm, right? How do you arrange to continue making payments without reaffirming?

[justbroke]

According to that, though, you elect to redeem or reaffirm, right? How do you arrange to continue making payments without reaffirming?

Aha, the back door. You don't indicate anything for that particular property on your Statement of Intentions. In other words, you have no intentions. Very nice observation. (On the Statement of Intentions, you list that you're retaining it, but you don't put anything under Reaffirm or Redeem.)

[BROKEDED]

"I see.", said the blind man. That makes sense. Okay, scenario #1 (I don't have a #2 yet). :

I don't reaffirm the 1st or 2nd mortgage but I retain the property and make ON TIME payments to both. The property is worth more than the 1st but the value is...say...$50k deficient when the 2nd is added.

Are there any rules/laws in place that prevent mortgage companies from foreclosing even though payments are made on time?

[justbroke]

Are there any rules/laws in place that prevent mortgage companies from foreclosing even though payments are made on time?

Yes! The rules protect a homeowner from foreclosure... if they are current. The rules (underlying State non-bankruptcy laws) also dictate how the lender must notify you, what the cure period is, and how they may proceed with the foreclosure (judicial versus power-of-sale).

[BROKEDED]

Okay, it appears that the cure date is at least 30 days and 45 days notice before accelerating a foreclosure. I'm not sure if that is consecutive or can be concurrent with the cure date. One thing I read was that the average foreclosure in NC took from 90 to 120 days to complete although in this economy 6 to 9 months would not surprise me.

My spouse just wants to make sure that someone can't just show up at the door one day and say, "Pack your bags and get out!", if we don't reaffirm.