I don't know what PNC is, but you cannot reaffirm a debt after your discharge has been entered. It would also be nonsensical for you to reopen your case to vacate your discharge and dismiss it just so you can enter into a reaffirmation agreement on your home. What your lender is telling you is utter rubbish. They can do a loan modification if they want to. The reality is: they don't want to. There is no requirement that the debt be reaffirmed--that only benefits them.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
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Legal disclaimer: Mark J. Markus practices law in California only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation.
You cannot reaffirm the debt after you get a discharge. The cases normally close about two weeks after the discharge is issued.
You can defend against the foreclosure in state court while you try and bnegotiate a modification or try and refinance the property.
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I have had a lot of experience with PNC Mortgage. This company has been one of the most difficult in terms of loan modifications. There is nothing stopping them from offering a loan modification. Giving up your discharge on the hope that they will would be careless. With regards to what can be done to save your home, you need to take a close look at your income and expenses. If your cash-flow is so negative as to not be able to afford the mortgage you need to consider this. Beware of loan modification scams. Consult a local attorney.
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I see this a lot. A bankruptcy case cannot be re-opened in this district to get a reaffirmation after the discharge was entered. However, PNC is incorrect as they can offer a loan modification even if the discharge was entered and you didn't reaffirm. Also, if you sign a loan modification then you may become liable on the note and mortgage once again. All of this really depends on your situation and how much you owe on the property and whether it makes sense to try for a loan modification. You can and should speak with a housing counselor in your area. The other options to stop the foreclosure would be to reinstate the mortgage by bringing it current, or a loan modification, or refinancing, but these options are probably difficult or impossible in your situation. Speak with a housing counselor. One bright point is that if you are significantly underwater on the home you won't be personally liable for the mortgage or mortgages because you didn't reaffirm. It sometimes makes much more sense to walk away considering that foreclosures in Illinois are so slow. Hope this perspective helps.
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