Can We Negotiate Terms Ahead Of Reaffirming Loan?

[dacy17]

My wife and I are going via chapter 7 bankruptcy in FL. We have just not also extended ago filed and we're not making use of an attorney because we can't afford one particular certain. We are maintaining the residence and SUV. The lender for the SUV desires us to sign a reaffirmation agreement, the worth on the suv is approx. $12,000 and we owe $18,000 on the loan. Can we negotiate the terms of the loan ahead of signing the reaffirmation agreement?

[jomei69]

flbeach:Can we negotiate the terms of the loan just just before
signing the reaffirmation agreement? Positive. And the lender can say yes or no. And you can let them have the SUV back if they say no. You have practically nothing to shed by attempting and virtually every thing to acquire. The lender can only drop. By the way. I would not continue making any payments either now or following the debt is discharged, not till you get a written agreement from the lender. As extended as you pay something, the lender has no incentive to cooperate. Just my humble opinion, not legal suggestions.  

[honi]

adjuster jack: flbeach:Can we negotiate the terms of the loan just before
signing the reaffirmation agreement? By the way. I would not continue generating any payments either now or right right after the debt is discharged, not till you get a written agreement from the lender. As long as you spend something, the lender has no incentive to cooperate. Just my humble opinion, not legal recommendations.   Yeah -- but not extremely very good legal guidance.  A loan can only be reaffirmed when the payments are present.  If the debtor is behind on the payments he or she cannot reaffirm the only alternatives at that point are surrender, redeem, or file Ch 13 rather.

[Dehaan]

As the consumer might have just three choices, it appears to me the lender might manage to toss a next in to the blend: create a brand new mortgage for the present market price in a affordable rate of interest or get no funds and get back an automobile worth a portion of your debt and, before lender comes and gets it, the borrowers reach generate it for a couple of months for free, obtaining a chance to save up enough for some inexpensive transport after itis removed. Again, not legal counsel.  

[malise]

I accept adjuster jack regarding barter technique--Iam quick on legitimate actions--but appears to me if you've an advantage worth only 12,000 and owe $18,000 your fundamental position would be to have bank reduce a brand new offer for $12,000 or come pick it up--it create no sesne to cover $18,000 for anything worth 12,000 covers if you could go out back-door. And I will guess teh wholeslae worth of Vehicle is SIGNIFICANTLY less than $12,000 therefore bank truly doesn't want to buy again?