Lower your payment

[roberto1959]

My income has been reduced and had to file BK7 in 2010, I would like to hear if any one here on this forum has been able to lower there RV payment thru BK 13 or in dealing directly with your lender. We applied for a Mod thru our lender before we filed for BK7 in 2010 and they said even if they lowered the payment it wouldnt help us . We would like to keep our RV as we plan on becoming working RVers on the road while traveling. This has been a dream of mine for years but not sure if we will be able to if we can't modify our payment.

[LadyInTheRed]

roberto1959, I moved your thread out of the news forum and into the Chap 13 forum.

In a Chap 13, I don't think you can modify the principal amount due on the loan. Hopefully, somebody will correct me if I'm wrong. But, you can spread your payments out over the life of the 36 to 60 month plan. If you have a high interest rate, you may also be able to lower the rate to the "till" rate. Depending on what your DMI is and after adding in your attorney and trustee fees, a Chap 13 could lower or increase your monthly payment.

I don't think I would file a second BK just to save an RV. If the loan was discharged in your Chap 7, you may be able to get the lender to negotiate a lower pay off amount.

Have you considered letting it go and buying a less expensive RV?

[roberto1959]

Chap 13

roberto1959, I moved your thread out of the news forum and into the Chap 13 forum.

In a Chap 13, I don't think you can modify the principal amount due on the loan. Hopefully, somebody will correct me if I'm wrong. But, you can spread your payments out over the life of the 36 to 60 month plan. If you have a high interest rate, you may also be able to lower the rate to the "till" rate. Depending on what your DMI is and after adding in your attorney and trustee fees, a Chap 13 could lower or increase your monthly payment.

I don't think I would file a second BK just to save an RV. If the loan was discharged in your Chap 7, you may be able to get the lender to negotiate a lower pay off amount.

Have you considered letting it go and buying a less expensive RV?

Yes it was discharged in my BK7 and I did reaffirm it and have always been current with my payments . You mean I can let it go they can't come after me for the defiency?

[lrprn]

Yes it was discharged in my BK7 and I did reaffirm it and have always been current with my payments . You mean I can let it go they can't come after me for the defiency?

If the court accepted a filed reaffirmation for your RV loan, then you can't walk away from the RV owing nothing. You are committed to pay the loan in full. Sorry.

Sometimes we are forced to re-examine our dreams and plans for the future to match them to our financial reality. Can you sell the RV to pay off your reaffirmed loan and then start saving until you can finance another RV later when your financial situation hopefully improves?

[AngelinaCatHub]

Yes it was discharged in my BK7 and I did reaffirm it and have always been current with my payments . You mean I can let it go they can't come after me for the defiency?

This is exactly why the consensus of most here is not to reaffirm anything. It makes it like NEW DEBT and excludes it from the BK injunction. Sorry. 'Hub

EDIT ADD ON: You might check PACER and see of that reaff has been listed in your case. Perhaps it was missed. Worth a try.