Don't want to lose my house and cars!

[Stilltheone]

Why does everyone say to sign only if you have to... is a reaffirmation bad? I know in our state we can't do the through thing... pass through? drive through? the term is not coming to me right now lol What is the negative of a reaffirmation?

Not necessarily "bad", but circumstances change and you might want an "out" in the future.

We signed a reaffirmation on our vehicle, a 2003 Cadillac Escalade. (I know, funny to see "Escalade" and "bankruptcy" in the same sentence..)

At the time we signed it, we actually had equity that we had to exempt. Now, of course, the SUV market tanked and we are upside down in it. We have tried to trade it in with no luck. Had we not signed the reaffirmation agreement, we would be able to just give the Escalade back, at any time. Now, we owe them $19,000...NO MATTER WHAT.

Either way, a reaffirmation agreement is something to seriously consider.

Good luck to you!

[hopeforus]

Isn't he in Missouri?

[hopeforus]

Not necessarily "bad", but circumstances change and you might want an "out" in the future.

We signed a reaffirmation on our vehicle, a 2003 Cadillac Escalade. (I know, funny to see "Escalade" and "bankruptcy" in the same sentence..)

At the time we signed it, we actually had equity that we had to exempt. Now, of course, the SUV market tanked and we are upside down in it. We have tried to trade it in with no luck. Had we not signed the reaffirmation agreement, we would be able to just give the Escalade back, at any time. Now, we owe them $19,000...NO MATTER WHAT.

Either way, a reaffirmation agreement is something to seriously consider.

Good luck to you!

I don't think we have much of a choice really. Our state to be doesn't do ridethroughs. I can't really just hand over our van. What the heck would we drive? LOL With 4 kids it's not like you can just go buy a small junker. And with our exemptions in our state... even if we did go and buy another car outright like that... we wouldn't be able to keep my husband's and that one yk?

[Mark80]

I finally think I get it, I read the links to the other topic and it sunk in. Let me toss this out there and see if I am understanding it correctly.

Unless the mortgage company files a motion to forclose after my court date it would be silly to reaffirm. As long as my payments are always paid on time they don't have a legal reason to forclose after this is all over with. This gives you an out down the road if you are so upside down on your house you want to step away. But this all depends on how aggressive your mortgage company will be during the 60 day period after filing. (term escapes me atm)

Now the one advantage that does seem to exist is the small added security if you do fall a little behind down the road for whatever reason. If you are a week late the mortgage company wont be forclosing on you if your reaffirmed?

Now my situation is somewhat bleak, I had a nasty hist of medical bills over the summer, I had to pay to keep getting my wife treatment during her highrisk pregnancy. I used up thousands of dollars, most of which was needed to make my house payment. I was never able to get caught up, so right now I am a month behind and my court date is fast approaching. My wife took on some writing jobs for extra money, and I am picking up side jobs as well. I also am trying to borrow some from my parents.

My goal is to have all my secured loans 100% caught up by my file date, however what if I miss this by a week? What if my Housepayment is a week late come the court date? Do you guys think as long as I make the payment soon after I will be ok, or will the trustee tell me I can't file or will I have a forclosure notice on my door the following week? I know I can get close, but I might need a touch of extra time!

Thanks

[Stilltheone]

I don't think we have much of a choice really. Our state to be doesn't do ridethroughs. I can't really just hand over our van. What the heck would we drive? LOL With 4 kids it's not like you can just go buy a small junker. And with our exemptions in our state... even if we did go and buy another car outright like that... we wouldn't be able to keep my husband's and that one yk?

I know exactly what you mean. At the time we signed our reaffirmation, I thought seriously about giving up my car. BUT, I have 2 kids. I needed a vehicle. I had no idea what a 722 redemption loan was, so I thought I would be stuck without a vehicle.

[Cali]

I did my reaffirm after my 341.