Reaffirmation question

[2much2]

We were discharged on 6/7/10 and closed on 6/9/10 in Texas. We have a Reaff on a 09 vehicle that was entered in Pacer on 5/3/10. What is the process if we want to recind the reaff agreement? (should have until 7/3/10 right?) After thinking about it we are about 8K upside down and doesn't make since to keep it even though we can still afford the 500 monthly payment. Loan is through GMAC

Second vehicle: we signed the Reaff agreement and it never showed on pacer. This note is also through GMAC and we want to keep. Do we just keep paying and there will be no issues?

Lastly will there be issues since both notes are through GMAC with surrendering 1 of the vehicles?

I have emailed my lawer but have not heard back. Any insight would be helpful especially the process of recinding the reaff agreement.

Thanks!!

[BobMango]

You would need to notify the lender in writing that you wish to rescind the reaffirmation agreement. According to the NOLO book, "Notice to the creditor should be by certified mail, return receipt requested. This precludes the creditor from later claiming it didn’t receive notice."

I would make sure to notice on both vehicles in an abundance of caution.

They will basically revert to the situation before you signed the reaffirmation. In other words, as long as you are current you should not have an issue with losing the vehicle(s), and you could return either or both vehicles with no financial impact.