Re: Prefer Lady, WHYCHAT, JKelly, or experienced persoN!

Posted by Why Chat (209.240.205.61) on July 23, 2004 at 08:01:06:

In Reply to: Prefer Lady, WHYCHAT, JKelly, or experienced persoN! posted by Aimee on July 22, 2004 at 23:19:21:

You are ill advised if you reaffirm anything.

Your lien on your car, and your mortgage on your home are binding instruments.

As long as you pay on time, neither can be foreclosed or repossessed.

IF, however, you are unable to keep up the payments on the car and it IS repo'd, you will NOT be liable for any deficiency, UNLESS YOU HAVE REAFFIRMED, same goes for your mortgage.

In fact, in general, if you are overfinanced on either,the chances of the lender being "quick on the trigger" to repo or foreclose are GREATER if you reaffirm, as they know they can sue you for any deficiency.

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