Possible to renegotiate mortage/auto terms?

[AboutToSink]

We are preparing to file and we are going to pay through on our auto and home loans. But, could I call them up now and renegotiate my terms because of the BK? If so do it now, or wait until after I file, or...?

My thinking is if I tell them I'm filing but if they work with me I'll keep the loan.

[HHM]

It's "possible", are you going to get anywhere, most likely not. They won't even entertain the idea unless you miss payments.

Don't waste your time.

[DebtEnder]

On the home that's so hit and miss it's not even funny.

With the car from my own experience I took a car that I still owed about 3k on. Was worth on a good day maybe 1200-1500. After I was discharged Carmax started calling asking for the car back. I called back and instead offered a lump sum payment of 1100. They took it and I now have the title to the car.

I would think this is the best vet with cars. Setting up a payment plan after BK is going to be hard. But offering a wad of cash that's even close to the value of the collateral could see some good results.

[HHM]

As the above example shows, your not really going to get anywhere pre-Bk. Car lenders really don't settle that often (carmax is a notable exception).

From their perspective, the BK threat is an empty threat. Until you actually file BK or go into default, you have no leverage.