REaffirmation paperwork?

[Freddy03]

One of our reaffirmation paperwork (title loan) was denied today. Now what? What does this mean? It stated it would cause a financial hardship. What happens if Mazda gets denied too?

[keepmine]

The judge did you a favor. What MAzda wants isn't important.
All the bk code says is, you must try to reaffirm. It doesn't say it has to be approved. Just stay current on the loan and you keep the car.

[AngelinaCat]

This situation can be your friend. You have satisfied the lender's requirement for reaffirmation. The fact that you were denied is out of your control. If you can stay current with your payments, you should be okay; the same with Mazda.

[Freddy03]

Thanks so far only the title loan was denied. I'm scared bc what if they pull some shady stuff and get the car even tho I'm current. And as for Mazda they told me a reaffirmation was required to keep the car.

[justbroke]

Whether they can repossess your car is based on your State law and your installment agreement. in most cases, creditors won't repossess if you're current. However, there are some creditors that don't care (like Ford Motor Credit).

[Freddy03]

Uh oh! I'm in FL. I'll have to look up the state laws tomorrow. I'm guessing Madza is the same as Ford?? I'm starting to freak out now. I wonder why the judge said it would be a financial hardship. It's only $118 a month and I have 10 payments left.

[Freddy03]

I called Mazda and asked then what happens if it's denied. She said my acct would go to a review dept to see if I'm able to pay and stay. She said usually it's not a problem. I don't have a good pay history with them. Pre Bk I was always 30 or just at 30 days late paying them. Since I decided to file I've been right in time. Fingers crossed it's not an issue.

[AngelinaCat]

With ten months left to go, I should think you would be okay. As JB said though, some lenders can be problems.

[Freddy03]

I have 29 left for Mazda and 10 with the title loan. I'm planning on paying that off soon after discharge. I'm now that Mazda will be denied also.

[IamOld]

Freddy Mazda used to be owned by FOrd - Mazda AMerican Credit IS owned by FOrd.

BUT - from what I read here from others, as long as YOU asked for reaffirmations it is the same as it being granted as far as the lender is concerned...also the judge may just not have wanted you to be "stuck" with the title loan...

[Freddy03]

Yeah I was thinking that too. I'm hoping Mazda's gets approved. I mean we didn't have that big of a neg DMI. I could afford both payments.

Thanks everyone! I'm going to call my attorney in the AM.

[IamOld]

Best of good luck Freddy!!!!!!!!

[Freddy03]

Woo Hoo! I called my attorney's office and Mazda's was approved! They explained to me that if there are more than one reaffirmation requests usually the first one will be approved and the rest denied. She said that seemed to be the norm for my county. What a relief. And she said not to worry about the title loan place b/c they have already been in contact with the owner and he is fine with me making my payments. He has actually referred business to my attorney.

I can breathe easy today

[IamOld]

Awesome news FREDDY!!!!!!!!!...zoom zoom...

[AngelinaCat]

That is GREAT news!!