Secured Items..

[anussia]

Today was my meeting and it all went very well. Only took about 10 min. I was way more stressed out then I had to be. The only thing I have a question about now is my secured items. I have a RV that we still owe on and I don't really want to keep but what is the process of giving it back. Also is there a chance that if I tell them to take it they won't bother with it. The same goes for a best buy purchase.. I have a camera that was bought about a year ago and my lawyer just received a letter to reaffirm or give up. Would they actually come get that? I'm so relieved now that the meeting is over can anything else pop up? Thank you all for your help

[MSbklawyer]

Today was my meeting and it all went very well. Only took about 10 min. I was way more stressed out then I had to be. The only thing I have a question about now is my secured items. I have a RV that we still owe on and I don't really want to keep but what is the process of giving it back. Also is there a chance that if I tell them to take it they won't bother with it. The same goes for a best buy purchase.. I have a camera that was bought about a year ago and my lawyer just received a letter to reaffirm or give up. Would they actually come get that? I'm so relieved now that the meeting is over can anything else pop up? Thank you all for your help

Did you surrender the RV in your schedules? If so, in all liklihood, they'll come pick it up. Either they'll drive it or tow it away from your house. With the camera, it's anybody's guess. Consumer items like that bring so little at sale that it usually costs them more to come get it than they could realize from a sale, so they just leave it with you.

[eddiep]

Congrats! glad it went smooth! I would welcome you to the 60 day club but I am not yet a member.

the company that holds the note on the RV will send a notice to your attorney just like the one best buy sent. You will have the option of refusing to sign the reaffirmation agreement and they would repo the RV.

I would be shocked if best buy actually repos the camera, that is craziness!

[phoenixrisin]

I'd say they are going to want the RV. If you have not been making payments they will either get a relief of stay and repo it, or wait until after discharge and repo it. You can wait them out (and use it for the next 2 months!), or call them and surrender it. Tell them they can come get it. They may abandon it, but I doubt it, as it is very re-sellable.

The camera I am not so sure as I don't think BB re-sells used equiptment. I'd be really surprised. Tell them it broken. Don't sign the reaffirmation. If you get another letter asking you to return the camera, then tell them it's broke, you come get it.

I am kind of wondering the same thing about my roof of all things. We just found out one of our creditors is saying they are secured- by the roof of the addition their loan paid for, with a UCC-1 financing statement. I am trying to figure out how to not pay them, not reaffirm the loan, without getting sued. They say the options on secured debt are reaffirm, redeem, or surrender. Maybe I should tell them I surrender the roof, come and get it for your $7k?

[eddiep]

pheonix

are you kiddin? They are trying to say the roof is secured, did your lawyer laugh in their face? I wouldn't tell them to come get it, Roofers are a tough bunch, my brother is a roofer and believe me his crew would come and rip the shingles off the roof and poop in your chimney while they were up there just for laughs

[anussia]

thanks guys.. The RV is a small Airstream so of course it would be pretty sweet if they would just forget about it, right? I'm not that attached to it but my husband seems to be, I'm also wondering what they might settle on if we gave them an offer. We really got screwed when we bought it, paid 26,000. Now it's worth about 13000 ,if that, since it's not in perfect condition, it's on 05. On top of that they gave us a 15 or 30 year loan on it so in the end we would have paid about 60000 for it. (yes, I know what you are thinking)...
Anyways if we could settle on a fraction of the price it would be worth to keep. We are dealing with Northshore bank in WI. Has anyone been in this kind of situation? I would love to hear. I will keep you posted..
Oh by the way, I'm not sure if trustees play favortisim when it comes to lawyers but it seemed like every other person with a different lawyer got drilled by the trustee and the clients with our lawyers including us had the required yes and no questions and were out of there in minutes..