Discharged Today!! But worried about Reaffirmation

[thegiver]

I Also Was Concerned About Reaffirming My Mortgage, I Decided To Do So For Several Reasons.....my Bank Rewrites My Home Loan Every 5 Yrs. In This Area Some Do That Every Year......i Dont Know Why Exactly But They Do ..if I Didn't Reaffirm , Even Though I Make My Pmts Reg And On Time ...i Felt It Could Have A Negative Impact On The Rewriting Of My Mortgage To The Tune Of Maybe Not Rewriting It ! This May Not Be The Case But I Didn't Want To Take A Chance On It ....bk Is Bad Enough And You Have To Pay No Matter Where You Live. I Recieved My Discharge Last Week And I Want To Thank You All For All Your Help, You Do A Great Service To All

[bkfiler]

congrats on your discahrge! whoo hoooo! :clapping!

[BrokeStudent8]

Thanks I think I'm going to have to pay the $220 fee to reopen the case, if the credit union tries to repo the car. The letter they sent with the reaffirmation agreement says that they "do not accept voluntary payments on secured items." Bastards. I'm hoping that they just let it go, & let me continue making the payments, but if they don't then I'll just pay the fee. I really don't want to reopen my case, but I guess I'll see what happens.

By the way THANK YOU very, very much for all the help and advice that I've received on this board throughout my BK. It was extremely intimidating for me to file Pro Se, but after reading encouraging posts, ordering the NOLO book & purchasing the Form7 software, I knew I was capable of pulling it off. I sincerely appreciate everything, because not only have the people on this board given me great advice, but they've kept me sane throughout this stressful process. So... Thank You!!!

[clb123]

I second what brokestudent8 said ----------------I would have been lost without this forum. Everyone here is so encouraging throughout my BK. I have been terrified so many times and this forum has reassured me and been so helpful. thanks to everyone!!!

[AAAArt]

Sounds like your CU is a real PITA. Sorry about that.
Why I chose to reaffirm. I/we reaffirmed two cars and a motorcycle. The motorcycle may have been a mistake. but in 6 months or so, I should be in a positive equity situation with it.
The cars. Both were bought on Aug. 31, 2003 with mine financed through GMAC at 0% and my wifes through a bank at 3.9%. Both for 60 months. DW's car has only 8400 miles and mine has only 17,000 on it. We wanted to keep them. Payments on the 2 were less than some people make on one...$534 combined. I didn't want to risk losing those interest rates or the cars.
Since neither of us have been late, we have an excellent credit rating on loans which are almost 2 1/2 yrs old. Has to help our CR scores.
Normally, we have both kept cars for 6-8 yrs., but the DW already has chosen her next new car. She wants a Chevy HHR. So keeping a good record with GMAC and keeping our "auto industry" score higher were the main considerations. Secondly, if for some reason, we are late on a payment by a few days or a week, no worries. (This can happen too easily with lost mail, misplaced payments at the lendor, etc.)
This is why we chose reaffirmation. Vehicles are worth less than KBB trade-in value, but are worth as much or more in "private sale" category, we have great interest rates. want to repair our credit ASAP, the length of the loans will help. Art

[bkfiler]

art, so it wouldnt work to explain to wife that buying a new car is a waste of money? you really do lose a lot of value right off the lot. its true.