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Reaffirmation questions

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    #16
    Reaffirmation means, you accept the terms of the contract you signed. Nobody is going to change the interest rate on a reaffirmed debt.
    We've had some posters who were able to negoiate some changes in their contracts in return for signing a reaffirmation agreement but, your lender can't change the terms of an existing contract on a whim.

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      #17
      Originally posted by keepmine View Post
      Reaffirmation means, you accept the terms of the contract you signed. Nobody is going to change the interest rate on a reaffirmed debt.
      We've had some posters who were able to negoiate some changes in their contracts in return for signing a reaffirmation agreement but, your lender can't change the terms of an existing contract on a whim.

      So, then why would they NOT agree to reaffirm? Just had never really thought about this, as I can easily pay this car note, and I don't see why it would be in their best interest to not do it. It's a new loan - about 8 months at the time of filing, and we'll have about $1000, maybe $2000 equity in it at that point. I plan to keep paying regardless, so hoping they won't try to repo it -- but if I'm paying it, I'd certainly at least like it to helping out my credit score.
      04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

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        #18
        It might simply be a cost avoidance issue. Legal fees, to retain counsel and file reaffirmations and such, add up.

        Originally posted by ssmdem View Post
        So, then why would they NOT agree to reaffirm?
        Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
        (In the 'planning' stage, to file ch. 13 if/when we have to.)

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          #19
          That makes sense. Has anyone ever heard of them repo'ing anyway if you're keeping the loan current?
          04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 -

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            #20
            parents buy car

            Dang ssmdem, that is a good question......

            parents buy car, finance it, and you pay them.....

            predischarge, postdischarge.....

            I would need a lawyer to figure this one out!

            Tom in Colo
            Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

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              #21
              I would let it ride though.Who knows the trans might go.

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                #22
                Originally posted by ssmdem View Post
                Has anyone ever heard of them repo'ing anyway if you're keeping the loan current?
                I've heard that FORD was among the two who's notorious about repo'ing your vehicle even if you keep the loan current if you don't reaffirm. Don't know the other, probably Chrysler but not sure. I also decided not to reaffirm, see what happens. Mine's with Toyota credit though.
                Filed chapter 7 Jul 13, 2010 341 hearing Aug 12, 2010 Trustee's report of no distribution Aug 20, 2010 Discharged Oct 13, 2010 Closed Oct 28, 2010.

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                  #23
                  I know Ford for sure, I'm going to have to reaff with them. When I called them, they were very helpful about explaining their position and exactly how things would happen should I reaff or not reaff.
                  Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
                  AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

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