Question about reaffirmation

[deadbroke99]

What should I put on the reaffirmation agreement when it asks how I can afford to pay the car payment when my Schedules show me negative every month?

[justplaintired]

Can you afford it? That is the question. If you can't don't sign those papers. If you can, then you need to explain how. I take it you were paying out more then you make on your Schedules? If you have any doubt on whether or not you can really make those payments, remember once it's signed your stuck. I know that isn't what you asked, but, I think if that car payment is a problem, you really need to rethink whether you should sign reaffirmation papers.

[whipster1]

He can withdraw it within 60 days of filing it. He isn't stuck.

[justplaintired]

That's good to know. We are going to possibly reaffirm our house if we are asked to. Now is that 60 days from the date we filed or 60 days from the date the reaffirmation papers are signed. Sorry not trying to thread steal, but I am curious.

[aces67]

I don't know. I agree with justplaintired. If there's any question about not being able to afford it then you shouldn't sign off on it.

[JustOverBroke]

Our Attorney told us to ignore any reaffirmation paper work for our house or car it protects you in the long run should anything happen later you can just walk away with no recourse.

You just need to make sure that you're payments are made on time every month if you want to keep them.

I'm fairly certain they don't want you're car or house as long as everything is current.

[AngelinaCatHub]

Our Attorney told us to ignore any reaffirmation paper work for our house or car it protects you in the long run should anything happen later you can just walk away with no recourse.

You just need to make sure that you're payments are made on time every month if you want to keep them.

I'm fairly certain they don't want you're car or house as long as everything is current.

I agree strongly with you and "justplainbroke". In my opinion, do not sign reaffirmations.

I did with my CU but I was a member for 45 years, and my car had only several payments to go and my O.D. account was there and I could not receive or pay automatic payments. So it did not encumber me.

To reaffirm a mortgage then the economy goes to hell or even a car, a very unimportant object (used cars are in glut now) is foolish in my opinion. These banks know that they are fortunate to collect anything from one who is willing to pay. Why sell your freedom to them if they will accept your money anyway? If they would not, then there are other means to replace that foolish mortgage with other plans. 'Hub

[TEW]

Don't reaffirm anything.

[deadbroke99]

I don't have but a year left which is why I want to reaffirm. I can afford to make my house payments and car payments, just not credit card payments along with them. I have gap insurance so my attorney suggested that we do reaffirm.

[justplaintired]

Well your attorney should know your finances so if he feels that it's ok then I hope it is. Ask him how to fill out that paper then. He should be helping you with that. I do understand why you would want to. Since your attorney did your schedules, he should be able to help explain where you are going to have the money to meet the payments on the car.

Good luck