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    Reaffirmation trouble

    HI all,
    I had my 341 meeting. All went well so far. I have reaffirmation papers for a Chevy pick-up I bought last year.

    It is my only vehicle. My job may be laying me off which will require a 65 mile commute one way to keep working. I am dreading the gas prices going back up.

    Anyway, Regions bank says they WILL NOT change the terms of the reaffirmation. The truck now is worth 23,000 max. I owe 27,000. They will not change the amount owed nor the payment. 467.72 for 80 months.

    She also told me that if I did not sign the papers by the time of discharge they will come after the truck. I was hoping just to keep paying on it until I either had to let it go ( if it comes to that) or pay if off.

    My Lawyer said I do not have to sign anything. To keep making my payments, never be late on them. Not even for one payment or they will come get it. But as long as I am current they cannot come after it. Is this true? Is she just trying to get me to sign the papers or will they really come get it if I am current?

    I have missed no payments and I have never been late.

    I feel like I am stuck. I need a vehicle to get to work. But I fear getting locked into something not worth it and not cheap on gas. BUt if I get behind and they come after it anyway. Then I may have my wages garnished for the remainder on a trcuk I no longer have PLUS be trying to pay for another vehicle. IF I can even get one financed, which I am guessing is not going to happen for a couple of years.

    What would you all do in my situation?


    Thanks
    BG

    #2
    I would NOT sign the reaffirmation. Those payments are fairly large and they are forever (80 months for a vehicle loan = forever!).

    Surrender the vehicle. Get a cheap one - you would be surprised what you can buy for $3500 or so. Don't let the Regions Bank ruin your fresh start.
    Filed CH 7 9/30/2008
    Discharged Jan 5, 2009! Closed Jan 18, 2009

    I am not an attorney. None of my advice is legal advice in any way..

    Comment


      #3
      Originally posted by StartingOver08 View Post
      I would NOT sign the reaffirmation. Those payments are fairly large and they are forever (80 months for a vehicle loan = forever!).

      Surrender the vehicle. Get a cheap one - you would be surprised what you can buy for $3500 or so. Don't let the Regions Bank ruin your fresh start.

      I hear ya! Don't I know it. BUt the problem is I don't have a dime to my name right now. 3500.00 seems like 27000 to me. I don't have either one. If that makes any sense. And the hard reality is I have to have a vehicle. If I don't get laid off I can walk to work. But since I don't know which way it is going to swing...man I just don't know which way to go.

      Comment


        #4
        You might be able to use 722 Redemption Funding, Inc to do a wholesale replacement of your truck and get another vehicle. I believe their interest rates a pretty high but you would save a ton of money with a cheaper vehicle.

        Some of the other experts on the forum might chime in to better explain 722 or even give better options. I'll PM you with some additional info.

        an older thread about 722 replacement

        http://www.bkforum.com/showthread.php?t=4176
        Last edited by hamburgervol; 04-14-2009, 08:07 AM.
        6/30/2009 Filed Ch. 7
        10/06/2009 Discharged
        01/24/2011 Closed

        Comment


          #5
          Do you have anything included in the BK from US Bank? If not, then you may want to check into 722 Redemption. We did that with our SUV and they reduced the amount owed to fair market value. With the way the market is the SUVs are worth almost nothing compared to 2 years ago. It was valued at $3800 and we still owed $16,000 so it ended up a great deal. They will also do replacements. If redemption or replacement doesn't work with them then I would recommend surrendering and getting something less expensive.
          Filed C7: 12/16/08; 341 Meeting: 1/22/09
          Last Day for Objections: 3/23/09 (No Objections)
          Discharged: 4/3/09
          Closed: 3/23/10

          Comment

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