A confirming agreement is a legally binding agreement between you and a secured creditor. In the case of a mortgage, the agreement is between you and the mortgage lender. The agreement states that you agree to pay a loan on the same terms as the original contract. If your home is destroyed or the lender seizes due to defaults or other breaches of contract, you promise to settle the debt due after insurance or foreclosure sale. • A mortgage lender can`t close your Wisconsin home unless you`re in default on the loan, even if you don`t sign a stand-by agreement. A vehicle lender is a slightly different story. If Wisconsin`s Consumer Law applies to the loan, the creditor cannot re-own without default. While this law is clear, some judges choose to ignore the language of the law and may allow a creditor to fail to respect the creditors` liability contained in the WCA. If a creditor tried to put your vehicle back in possession simply because you decided not to sign a confirmation agreement, I believe you would win this battle in most Wisconsin district courts. But there are no guarantees; You could lose the costume (and the vehicle). Even if you won, you would end up paying a lawyer`s fee for a lawyer to argue your case for you. BoA was wrong. There are cases where it is established that it is the duty of the creditor to prepare a confirmation agreement.
I do not know anyone to say that the debtor is responsible. It`s possible that the BoA didn`t send you a confirmation agreement because they knew it wasn`t necessary. If a homeowner files for bankruptcy for many, there is a lender for the house involved. Once debt relief is registered by the bankruptcy court, the borrower is no longer personally liable for the debt. However, if the borrower wants to keep their home, they will have to pay the regular monthly payment because there is a lien or security on the property. .