Turns out we are going to have to reaffirm one of our cars if we want to keep it.
We had planned to reaffirm both cars when we filed but then discovered we could attempt to do the "ride through" on both of them. The payments are affordable with our budget, though we are upside down by about $2000 on one.
We were late by a few weeks on one payment because we did think we were going to let the car we were upside down on go but then upon analyzing our busy lives, save for a decent down payment within a short period of time and our ability to get a decent loan for a reliable second car (my DH has to have a reliable car for his job and so do I), we realized we were better off to keep them both and adjust our savings down but pay extra to pay one off faster.
Needless to say, Ford filed for Relief from Stay since we were late. I don't know if it was the party line or because we were late or what, but when DH called them and asked if we needed to do anything else about the relief from stay since we were now caught up, he received the reply,"If you want to keep the car, you will have to sign the reaffirmation. It doesn't matter if you are caught up on payments or not."
So we are signing the reaff today.
However, we are almost to the end of our 60 days (ours falls on this Saturday, so I'm thinking it won't be until Monday the 7th). Our attorney's paralegal said that it should be able to be filed before discharge, despite having to go to the creditor first but there is a risk of an overlap.
So my questions are:
If for some reason it doesn't get filed before discharge, are we totally screwed? Do you think Ford will pursue repossession even if we keep paying on time or early without a reaffirmation in place?
And if the reaff gets filed in time, does that hold up the discharge timeframe at all? We shouldn't have to have a reaff hearing since we are working with a lawyer.
(this is only because my 3 year old requested I add the angel to this post!)
We had planned to reaffirm both cars when we filed but then discovered we could attempt to do the "ride through" on both of them. The payments are affordable with our budget, though we are upside down by about $2000 on one.
We were late by a few weeks on one payment because we did think we were going to let the car we were upside down on go but then upon analyzing our busy lives, save for a decent down payment within a short period of time and our ability to get a decent loan for a reliable second car (my DH has to have a reliable car for his job and so do I), we realized we were better off to keep them both and adjust our savings down but pay extra to pay one off faster.
Needless to say, Ford filed for Relief from Stay since we were late. I don't know if it was the party line or because we were late or what, but when DH called them and asked if we needed to do anything else about the relief from stay since we were now caught up, he received the reply,"If you want to keep the car, you will have to sign the reaffirmation. It doesn't matter if you are caught up on payments or not."
So we are signing the reaff today.
However, we are almost to the end of our 60 days (ours falls on this Saturday, so I'm thinking it won't be until Monday the 7th). Our attorney's paralegal said that it should be able to be filed before discharge, despite having to go to the creditor first but there is a risk of an overlap.
So my questions are:
If for some reason it doesn't get filed before discharge, are we totally screwed? Do you think Ford will pursue repossession even if we keep paying on time or early without a reaffirmation in place?
And if the reaff gets filed in time, does that hold up the discharge timeframe at all? We shouldn't have to have a reaff hearing since we are working with a lawyer.
(this is only because my 3 year old requested I add the angel to this post!)
Comment