Now that I have filed

[TomBrady]

I am fairly certian that I am going to reaffirm the van that we have we are pretty upside down in it however we need a van to cart the kids around and affording it is really not an issue. I also thought that keeping it and throwing everything else out would give us something on our credit report coming out that we could pay on and and use to help repair our credit. Anyway though the question is now that I have filed can I call the loan people and threaten to not re-affirm the loan unless they re-work the loan to some reasonable amount (Either lower the intrest which is 17.9% or the amount due on the loan). Have you every heard of anybody trying this? Or do you think the loan company will tell me to go screw myself?

[rrockinggramma]

talk to your attorney about 722 redemption. Refinance the van at FMV and discharge the difference. Interest is high. Usually payments will be about 50.00 less than you are paying now.

[DontBother]

Well I have 2 auto loans (ok, 1 auto and 1 rv). In my Statement of Intentions, I indicated that I'm going to surrender the RV and reaffirm the car. However, after talking to both lenders (a local credit union and Wells Fargo), both will allow me to keep the vehicles without reaffirming, as long as I keep up on the payments. Both said that they would seek repo if I ever went beyond 30 days delinquent.

So my plan is to keep making payments on both. Regarding the RV, I think we can continue to handle the payments. But if it gets to be too much, then I'll just have the come pick it up... Same with the car. We're upside-down by about $6000 on it. So I figure if we make payments for a few years (we have 4 more years left on a 7 year loan), and then we decide to 'dump' it for a new car, then we'll be clean of any deficiency balance. And for me, I want to avoid all reaff's, if possible. That way, worst case, if I can't make the payments in the future, at least I won't have legal troubles.

Oh yeah, I also spoke to the credit union about re-structuring my auto loan to lower the payments and balance, but they absolutely would not budge!

Bottom line, you may want to consider if you could keep the vehicle by maintaining the payments, without reaffirming...at least until something better comes your way.

I've read several times on this forum that most creditors will no longer allow "ride-through's" anymore... But in my case, it was 2 out of 2 that said ok.