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I agree with Mr. Smith, and would add only that 722 used to have a policy wherein they would agree to lower the interest rate by 10 or so points after a year of timely payments.
Christie Cronenweth
Law Offices of Christie Cronenweth
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The Law Offices of Christie Cronenweth is a debt relief agency engaged in the practice of aiding people to file for bankruptcy under the Bankruptcy Code.
> On Mar 1, 2016, at 8:38 AM,
jsmith@cgsattys.com [cdcbaa] wrote:
>
> I agree with Mr. Markus and would add this John (and group):
>
>
>
> If you have a client who has a car loan that swept in the negative equity from a previous car loan, making the loan grossly under secured, or in the case of Credit Unions that claim their "unsecured" line of credit is actually secured based on some obscure language in the loan documents, then 722 Financing is a viable option to keep the car without putting the client in Chapter 13.
>
>
>
> I have this case presently. Credit union loan on the client's $22K car is $43K based on him including the negative equity in the prior car, to this loan. When we filed Chapter 7 the CU wrote to us and said "don forget that we also have a "lien" on the car for the $20K line of credit he has with us". And: "Please sign this $63K reaffirmation for your client's $22K car, thank you...or we will repossess it"!
>
>
>
> Client wants to keep the car, so 722 Financing Company is a viable option and we are pursuing it with them. We will bring a motion to redeem the car, (722 Financing used to actually give us forms for the motion, I'm hoping they still do). Use three forms of evidence to back up value. The court issues an order compelling the CU to redeem the car for the value determined, and 722 gets the client into a 20% loan for that amount and pays off the CU. I hate the interest rate but with a re-set of the loan term to another 4-5 years the client's payments are actually going down, and we don't have to do a Chapter 13. Client actually very happy.
>
>
>
> So John, I'd say keep the 722 Financing flier in the drawer. They aren't OFTEN useful but there are times when they are.
>
>
>
> Jeffrey B. Smith**
>
> CURD, GALINDO & SMITH, L.L.P.
> 301 East Ocean Blvd. #1700
> Long Beach, CA 90802
> (562) 624-1177
> (562) 624-1178 fax
> (310) 993-6560 cellular
>
www.expertbk.com
> **Certified By The State Bar
>
> Of California As A Specialist
> In Bankruptcy Law
>
>
>
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