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Agreeing to repay the excess loan amount in ance with the terms of the promissory note is called ?reaffirmation.? You can reaffirm an excess loan amount by signing a reaffirmation agreement with your loan servicer.
In this article, you'll learn that lenders sometimes agree to new terms when completing a reaffirmation agreement, including lowering the amount owed, interest rate, or monthly payment. A local bankruptcy lawyer can help you with the negotiation process.
To reaffirm a car loan, you must be able to show the court that the vehicle is necessary and that the payment is reasonable. You must also demonstrate that the car payment isn't an undue hardship on your household and that you'd be able to afford the necessities of life.
Reaffirming a debt informs the lender that you intend to continue to pay the loan. Generally, the lender will continue to report the loan and all payments made on that loan to the credit reporting agencies, which may help improve your credit score after bankruptcy, provided timely payments are made on the loan.
Many lenders will require you to enter into a reaffirmation agreement if you intend to keep the vehicle. If you do not reaffirm, they can repossess the vehicle.
But if you do not reaffirm the loan at all, then your payments will not show up on your credit report at all; it will appear instead that the loan has been wiped out (discharged).
After you have entered into a reaffirmation agreement and all parts of this form that require a signature have been signed, either you or the creditor should file it as soon as possible.