Excuse my ignorance but....

[rooster0330]

Can someone please explain to me what a ride-thru is for a mortgage and a car note, and a reaffirming...which has the best benefit....

[rooster0330]

Bump!!!!!

[keepmine]

Reaffirm means, you accept the same terms of the loan as existed prior to filing bk. In other words, poat discharge if you default the lender can sue you for a deficiency balance.
In a ride through, your debt is discharged but, you continue to make payments and retain the property. Should you decide to bail anytime in the future, the lender can't pursue you for a deficency balance.
Obvisously, a ridethrough is to your advantage.

[Llelxon]

I always wonder when or if the lenders will wake up though and seize the property when you are within a few payments of having it paid for. Wouldn't that be their right as you discharged it and it is theirs legally? I don't know, but seems plausible in my mind.

[OhioFiler]

I always wonder when or if the lenders will wake up though and seize the property when you are within a few payments of having it paid for. Wouldn't that be their right as you discharged it and it is theirs legally? I don't know, but seems plausible in my mind.

No. The asset is yours. They have a lien on it but there is no reason for them to seize your property so long as you continue to pay them. These lenders are in the money lending business not the real estate management or used car businesses.

[DebtEnder]

If your car is thru a dealership fiance like Ford or others those have been known to repo cars after Bk with no reaffirm. However they do it rather quickly. If after 6 months or so you still have your car and you have kept the payments up, odds are the lender is content with things they way they are.

As far as houses go it's expensive to take a house from someone and I can't say i've ever heard of a person losing a house after BK if they kept the payments