Help!

[momtoroxy]

We are meeting with our attorney to sign a reaffirmation agreement for one of our cars. She sent me a copy in the mail...but in all the boxes (payment will be due by; amount; etc) just say n/a.

My dilemma is that I need to make a car payment TODAY. I already have to rush the payment.

I am trying to figure out where to send it (it is due tomorrow, and of course, I don't see the attorney until 130, which means I cannot overnight it blah blah blah...lol).

There is a line under REPAYMENT SCHEDULE that says...
"The first payment in the amount of XXX will be due on 2-15-10. Once the reaffirmation is filed and cannot be rescinded, the credit untion will advance your due date."

HUH!
Am I supposed to make the payment?

[HakunaMatata]

If you can't contact your attorney, can you call the credit union and speak with someone in the BK department?

I, too, had a panic moment with my CU auto loan. My 341 is tomorrow and I haven't received a reaffirmation agreement. I contacted the CU to inquire and was told my auto-deducted payment wouldn't occur. I quickly wrote a check and hand-delivered it to the CU only to discover the payment was automatically deducted the following day. Presently, my auto loan is showing I don't have a scheduled payment until Jan 2010.

Good luck!

[momtoroxy]

That is what i'm confused about. Why does it say I don't have to make a payment until FEB 2010? Unfortunately, my CU is in another town, so I have to mail the check.

[HakunaMatata]

Do you have online bill pay access? You may be able to submit payment electronically. I'd definitely contact the BK department to inquire. (In my case, I didn't get the feeling a true "BK department" existed...everyone seemed so confused!).

I wish I could offer sound advice. Unfortunately, I haven't been able to make sense of my CU auto loan issue. All I know is I'm current and made a double payment...ugh! My gut feeling is your payment needs to be made regardless of the upcoming signed reaffirmation.

[momtoroxy]

I think this bank is in the dark ages! Since it is the October payment, I thought i'd better make it. I called the bank to see if I could do check/card by phone and I CAN! Well, I DID! LOL. What a stressful time all of this is. They charged me $8 bucks, but it is worth it since i'd have to have something overnighted etc. Now it is for sure paid...nothing will get lost in the mail.

I did call and talk to the paralegal and she said that is sounded weird. Even if it is true, I think the October payment was necessary since she said they don't send reaffirm agreements to those who aren't current. She said it sounded like a typo.

But, she did say that sometimes this does happen.

We'll see...it'd be nice to have a few months reprieve to save for the house we're eventually going to have to rent.

[HakunaMatata]

Woo hoo! Mission accomplished! You're current...and it only took $8 and a dose of stress! I definitely think staying current is necessary. I'm not sure what to think of the odd post-reaffirmation payment reprieve. Who knows? Perhaps there is an added BK benefit?

[momtoroxy]

YES! A small, but satisfying, victory! I will find out what the oddly stated info means today at my appointment with my attny.

[momtoroxy]

OHHHKKK. Turns out, I should have called the bank! I DIDNT have to make that payment. I guess the way this credit union does things is they give you a 4 month reprive from payments, if you sign the reaffirm agreement and it is officially filed. Interesting. Maybe they figure they will give you a chance to catch up if you need to, as long as you sign saying you are keeing the car. The reprive starts the day you file. So, I can make payments if I want to....but next payment is not due until 2/15/10. Crazy. Could have used that $474! Oh well. But, has this happened to anyone else. Even the paralegal said it was weird.

[Calthius]

It happened with our Mortgage.

[HakunaMatata]

Wow. Well, at least you're one payment ahead of the game!

Does interest accrue during the four month payment reprieve?

My loan is indicating I don't have a payment due until January. I haven't reaffirmed yet and my CU has been automatically deducting my payment. Perplexing!

[momtoroxy]

You are right, we're one payment ahead of the game. The lawyer confirmed that we don't techinically have a payment due until 2/15/10. She said she'd keep paying if she could, but it won't be necessary because the bank is giving us a reprieve. Awesome! We probably WONT pay it until then to get some in savings for when we have to move. She did mention, nor did the agreement, if interest was going to keep being tacked on. I don't think it is. It is a loan that we got a 4.25% rate on, so that is good!

Talk to your CU, maybe you don't have to pay until January!

[momtoroxy]

ohhh and on a funny note; Best Buy sent the attorney a reaffirmation agreement! HA! My lawyer said to ignore it...she actually said she would not LET us sign it! She said they might try to come after us later to settle, but we'll just tell them to come get the property; call their bluff! She said they aren't likely to do anything.