Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

*update* FORD Credit reaffirms....

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • *update* FORD Credit reaffirms....

    Received letter from Ford Credit that confirms the account access blackout, although in the same letter it also states that you can get account access with the "new" website...

    Whatever...

    I always did have access, just had to accept the "confirmation" that the action was not a "demand" for payment.

    Letter is wordy, but generally says that FORD does accept reaffirms...

    And absolutely no "ride throughs..."

    A call from me has them on tape stating that without a reaffirm they will repo regardless if the account is current or not...

    Interesting...

    And a confirmation that they claim to be the only creditor in the nation that does that. (no reaffirm = repo even with a current account).

    So, we shall see. I have other transportation if I decide I don't want the car....and FORD can eat the deficiency balance...

    It may keep me from making one payment to many...

    Also, the letter states that if you set up an automatic payment from your account to theirs, ie direct deposit or set up the auto pay feature on their website from any of your accounts, that's cancelled.

    However, if you use a third party type "web bill pay" service, that's fine and there will be no issues and your account number stays the same.

    Payment for snail mail is to the "bankruptcy" dept:

    Ford Motor Credit Company
    National Bankruptcy Service Center
    P.O. Box 537901
    Livonia, MI 48153-7901

    Regards,

    CPO

  • #2
    Well, they lied to you CPO, but I may have been the exception to the rule. I was almost 30 days late when I filed and rode out the rest of my payments almost 30 days late. I did not reaffirm and they did not repo. I had 4 payments left when I filed BK so there was no negative equity at that point. They would have profited if they had repo'd. Maybe they didn't because they would have had to file to lift the stay. Maybe that would have cost more than the 1200.00 I owed when I filed. Who knows.

    I made my payments through my BofA account and they went through without a hitch. I didn't use any special address for my payments, just the one that is the default address for BofA. I'd almost bet those went through on an ACH.
    I used to have a life, now I have grandkids.

    Comment


    • #3
      I didn't reaffirm my Ford loan, but my case only closed a couple of weeks ago. My attorney specifically told me as long as I'm current, I'm OK. However, I never verified it myself by looking up the specific California law that covers it. If they repo it, no big whup, I'll buy another. I get two or three letters in the mail every day from car dealers who want to sell me car with a loan to people like me who have "less than perfect credit".

      I called Ford Credit after I filed to ask for the payment address. They gave me an address in Pasadena to mail payments. The person on the phone also told me that I would have to reaffirm to keep the car. I kept my mouth shut because I knew that I did not want to reaffirm. My loan is a 0% loan, I hope that I get to keep it.
      Filed C7: 04/25/2007
      341: 05/21/2007
      Last Day for Objections: 07/20/2007
      Discharged: 07/23/07 Closed: 07/26/07

      Comment


      • #4
        Originally posted by Granny View Post
        Well, they lied to you CPO, but I may have been the exception to the rule. I was almost 30 days late when I filed and rode out the rest of my payments almost 30 days late. I did not reaffirm and they did not repo. I had 4 payments left when I filed BK so there was no negative equity at that point. They would have profited if they had repo'd. Maybe they didn't because they would have had to file to lift the stay. Maybe that would have cost more than the 1200.00 I owed when I filed. Who knows.

        I made my payments through my BofA account and they went through without a hitch. I didn't use any special address for my payments, just the one that is the default address for BofA. I'd almost bet those went through on an ACH.
        Thanks Granny,

        Not suprised they would lie. I've not researched yet as to whether we are protected under state law (Texas) if we are current on our payments.

        That would prevent repo's but Ford is not going to tell you that.

        I'll get to it.

        CPO

        Comment


        • #5
          Originally posted by CPO View Post
          Not suprised they would lie. I've not researched yet as to whether we are protected under state law (Texas) if we are current on our payments.
          We have Ford cars all inside our Ch 13 plan. We were up to date on all our payments when we filed.

          All I can tell you is on our lawyer's advice we didn't reaffirm. After being in Ch 13 for over a year, all our cars are still sitting in the driveway

          CPO, if you find an online resource for which states don't allow repossession if you are current on payments, please post it here. Will do some searching myself later and do the same.
          Last edited by lrprn; 08-09-2007, 10:52 AM.
          I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

          06/01/06 - Filed Ch 13
          06/28/06 - 341 Meeting
          07/18/06 - Confirmation Hearing - not confirmed, 3 objections
          10/05/06 - Hearing to resolve 2 trustee objections
          01/24/07 - Judge dismisses mortgage company objection
          09/27/07 - Confirmed at last!
          06/10/11 - Trustee confirms all payments made
          08/10/11 - DISCHARGED !

          10/02/11 - CASE CLOSED
          Countdown: 60 months paid, 0 months to go

          Comment


          • #6
            Bad news.

            Your not protected in Texas

            http://www.bankruptcytx.com/chapter7.htm

            Relevent part, I bolded the really pertinent part:

            However, a debtor wishing to retain property that is collateral for a creditors, (i.e. cars and homes) may “reaffirm” the debt or redeem the property. A reaffirmation agreement between the debtor and the creditor creates a new contract between the respective parties where the debtor promises to pay all or a portion of the money owed. The reaffirmation agreement causes the debtor to once again become personally liable to the secured creditor. The reaffirmed debt will survive the discharge. In return, the creditor promises as long as payments are made, the creditor will not repossess the automobile or other property. If the debtor defaults on the payments, the creditor may repossess and sell the collateral. And if the sale price is not enough to satisfy the debt, the debtor will the creditor any deficiency. Note that Texas, unlike California, does not permit a debtor to allow the secured creditor’s lien to simply “ride through” the bankruptcy process absent reaffirmation or redemption. Johnson v. Sun Fin. Co. (In re Johnson), 89 F.3d 249 (5th Cir. 1996) (per curiam) (no retention of collateral without reaffirmation or redemption).

            Here's another link Texans might find useful:

            http://www.tlsc.org/lhot%20pubs/Bankruptcy.pdf
            Last edited by JRScott; 08-09-2007, 11:23 AM. Reason: adding another link for Texans :)
            May 31st, 2007: Petition Filed by my lawyer
            July 2nd, 2007: 341 Meeting Held
            September 4th, 2007: Discharged and Closed.

            Comment


            • #7
              the post above in reguards to calif BK not having to reaffirm is incorrect. The reference is from 1996. Since 2005 law changes all secured property kept has to be reaffirmed in Calif.

              Comment


              • #8
                I filed under old law in oct 2005 and did the ride through with Ford.....in CA. I was under the impression, however, that even under the new BK law, that because of he the CA law that ride through was still possible in CA.....especially with Ford.....anybody doing a ridethrough on CA on new law???
                Chapter 7 Pro Se....Discharged Feb. 2006

                Comment


                • #9
                  Even though the new bk law states that all debts must be reaffirmed, redeemed, or surrendered, what is happening in practice is that the majority of car lenders are not repossessing the car as long as the filer continues to make payments on time. Why, you may ask?

                  Because repossessing a car costs money, and added to the costs of putting the car up for auction or back out on the lot may not get them anything close to what they will get if they just allow you to keep making on-time payments on the original loan. They will end up getting every penny of their money back even if you don't reaffirm. This is especially true if the car was purchased less than 910 days ago when you file and is upside down (the loan owed is more than the car is worth).

                  It's a no-brainer that it makes more sense to just keep letting you make the payments as long as the payments keep coming on time. Why repossess a car just because they can if they will lose money if they do it?

                  The one exception - when you own a car that is worth a significant amount more than you owe on it. Then because the lender could possibly get more than you owe if they repossess, in that situation, you should definitely reaffirm.
                  Last edited by lrprn; 08-10-2007, 01:35 AM.
                  I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

                  06/01/06 - Filed Ch 13
                  06/28/06 - 341 Meeting
                  07/18/06 - Confirmation Hearing - not confirmed, 3 objections
                  10/05/06 - Hearing to resolve 2 trustee objections
                  01/24/07 - Judge dismisses mortgage company objection
                  09/27/07 - Confirmed at last!
                  06/10/11 - Trustee confirms all payments made
                  08/10/11 - DISCHARGED !

                  10/02/11 - CASE CLOSED
                  Countdown: 60 months paid, 0 months to go

                  Comment


                  • #10
                    if you do not reaffirm with the BK it automaicly goes on your credit as included in the bankruptcy, whether the finance co. takes back the vehicle or not, you are going to need for this to show you are making payments, not included in the bankruptcy,,, and it will never show up on your credit reports correctly. You are going to need this to show not included on your bankruptcy for future credit in making payments on time. Unless all you care about is keeping the car and screw what your credit report shows. BK should be helping to clean the mess up not compound it.

                    Comment


                    • #11
                      Originally posted by EZDUZIT449 View Post
                      the post above in reguards to calif BK not having to reaffirm is incorrect. The reference is from 1996. Since 2005 law changes all secured property kept has to be reaffirmed in Calif.
                      It is from an active lawyers site and seems to be what still applies. I believe California is still allowing ride through based on state law not federal law. Texas doesn't seem to have a state law protecting its citizens
                      May 31st, 2007: Petition Filed by my lawyer
                      July 2nd, 2007: 341 Meeting Held
                      September 4th, 2007: Discharged and Closed.

                      Comment


                      • #12
                        Originally posted by EZDUZIT449 View Post
                        if you do not reaffirm with the BK it automaicly goes on your credit as included in the bankruptcy, whether the finance co. takes back the vehicle or not, you are going to need for this to show you are making payments, not included in the bankruptcy,,, and it will never show up on your credit reports correctly. You are going to need this to show not included on your bankruptcy for future credit in making payments on time. Unless all you care about is keeping the car and screw what your credit report shows. BK should be helping to clean the mess up not compound it.

                        Whether you reaffirm it or not, it shows as IIB. Only difference is, if it was reaffirmed it still shows you making payments, if you didn't...it doesn't show payments being made obviously. Also there have been several folks that reaffirmed and it still didn't show they were making payments.


                        Also to note...I am sitting in Texas and didn't reaffirm, due to the stupidity of the lender's arttornies not filing the paperwork. I was told by the lender, our attorney, the trustee, and the clerk of the court. We would be fine as long as we kept up the payments. I have found several sites online that stated the same as I was told, unfortunately since I no longer needed the info I didn't keep the sites bookmarked. This is the first I am seeing that Texas doesn't allow ride throughs and the legal folks in my town seem to think otherwise.
                        "Try to save money. Someday it may be valuable again." - Anonymous

                        Comment


                        • #13
                          didn't reaffirm with Ford either

                          I ended up not reaffirming at 0% loan with Ford. They sent the paperwork so late, their local attorney didn't get the paper work to me until 1 week before my discharge. I wrote on the contract that I wanted it reported has current and IIB on my credit report so the local attorney sat on it. Bottom line my case discharged and closed and no agreement.

                          I called Ford, they were abit surprised that the attorney didn't file it. But told me I was fine and they would let me keep the truck but if I was more than 30 days late they could take the vehicle. I told the attorney if he wanted to pay the 300.00 to reopen my case to file the reaffirmation agreement go ahead. But I've heard in my district the judges do not like reopening bankruptcies just to file reaffirmation agreements.

                          Comment


                          • #14
                            Originally posted by BKTango View Post
                            Whether you reaffirm it or not, it shows as IIB. Only difference is, if it was reaffirmed it still shows you making payments, if you didn't...it doesn't show payments being made obviously. Also there have been several folks that reaffirmed and it still didn't show they were making payments.


                            Also to note...I am sitting in Texas and didn't reaffirm, due to the stupidity of the lender's arttornies not filing the paperwork. I was told by the lender, our attorney, the trustee, and the clerk of the court. We would be fine as long as we kept up the payments. I have found several sites online that stated the same as I was told, unfortunately since I no longer needed the info I didn't keep the sites bookmarked. This is the first I am seeing that Texas doesn't allow ride throughs and the legal folks in my town seem to think otherwise.
                            They could be unofficially allowing them. I didn't find anything yet. If your lawyer says its okay and the trustee says its okay its probably okay
                            May 31st, 2007: Petition Filed by my lawyer
                            July 2nd, 2007: 341 Meeting Held
                            September 4th, 2007: Discharged and Closed.

                            Comment


                            • #15
                              Since my lawyer wont sign our reaffirm, he told us that Toyota was 50/50 on ride throughs. He did say, be glad you dont have a Ford, because they will come take the car no matter what, 95% chance!!
                              Im very worried Toyota will repo despite current payments
                              because they will make money on repo and we will be out $16,000!! Toyota resale is very high. We put a huge (from accident settlement) downpayment on it.
                              Its our only car too. And we have no money or way to buy another. Where we live its impossible to walk anywhere and no public transport.

                              WAM
                              ch7 8/07 CLOSED: 11/07 Rebuilding and saving.
                              WAMU unsecured $2,000 Capital One unsecured $500
                              PAID OFF MONTHLY!!!

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X