Reaffirmation Agreement Hearing Notice from Ford Credit

[ccmisery]

Got a letter from the lawyer representing Ford Credit for my financed car, they did not bother with the leased car, not sure why..maybe because it has less than a year on it?

Anyways say's "presumption of undue hardship", I read about this prior, I have to show up and I believe my attorney will not be there, it's all up to me to stand before a judge and they will either approve or deny the reaffirmation, from what I understand even though I signed the agreement, had it filed with the court and etc, Ford cannot at that point do anything else and the loan will not be reaffirmed nor can they repossess, since I did everything required by the law.

I am looking at this with some concern, but if what I read is correct I have nothing to worry about.

Thoughts on this???

[justbroke]

Nothing to worry about. I hope that the judge in your case denies the reaffirmation. You will then be able to "ride-through" and just keep your payments current without fear of repossession. However, I would never be a day late, and certainly never 15-days late because FMC would probably be very quick to repossess.

[ccmisery]

Will I get new terms or info on what they deem "late" or will it be a total ride through?

[malf1204]

Ford will generally repo a vehicle that is not reaffirmed. Unless you can get the Judge to issue a Chimm order they will probably repo if it is not reafiirmed.

[ccmisery]

I already signed the agreements and submitted them back to my lawyer, they were electronically submitted to the court and I saw this on Pacer as well to confirm.

I only received one notice of hearing and it's for the financed car, the leased car for some reason did not get a notice and I am not sure if it will? Discharge is a month away.

[justbroke]

It depends on whether the Attorney checked the hardship box on both.

[ccmisery]

I am thinking of cancelling the reaffirm on one of the cars, just cannot cut the bills after doing budgeting, with a big salary hit, making a lot less money than I was 5 years ago and even less than I made at my last job that did not last too long. My wife cannot find a job, thought things were turning around but it appears they are going the opposite direction.

I just have to determine which one, the leased or financed. Sucks because I only have less than a year on the leased car, but I can take that money + the insurance I would be spending on it and save it for a cash buy next year, won't be a nice car but a runner hopefully.

Just do not know when and if my wife will get a job, probably will happen after I dump one of the cars, then it will be a major hassle since she would not be working anywhere near me.

[ccmisery]

It depends on whether the Attorney checked the hardship box on both.

Both documents for the leased and financed car were checked as such, maybe due to the fact that there is less than a year left on the lease it will not be an issue or is it that leases are different? Say's "assumed" lease.

The meeting is next month, my lawyer has not contacted me regarding it, but I know a copy was sent to him, also the lawyer signed both documents. I am thinking I will be on my own in the court?

[justbroke]

Unless your services agreement states that the lawyer will attend reaffirmation hearings, you'll probably be on your own. It rather simple anyhow. Most judges will deny the reaffirmation agreement, especially when the "hardship" is checked.

[ccmisery]

I found out that my lawyer will be attending, not sure if I'm keeping the car, difficult decision. My insurance just went up a little not much, not sure if it was due to the bk or what. Paying nearly $250/month for two cars, with no accidents, points and a clean driving record.

[ccmisery]

Had my reaffirmation meeting the other day, went smooth and judge actually approved it though I was thinking it would be the opposite. My lawyer said if the judge did not approve it, that Ford would have repo'd the car. I thought it was the other way around, that is from what I read if you do your part and the judge denies it, that there is nothing they can do about it as long as you keep paying on time. Either way I needed a car so on the upbeat this should help my credit rebuilding, as long as I have stable work which always is a concern.

Discharge is around the corner.