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Established Member
Posts: 37
Registered: ‎06-06-2016
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MTB Bank

I have a car loan with MTB bank that I had to reaffirm ( filed for chapter 7 and already had my 341 meeting)  it's the only car I have and the loan will most likely be paid off next year.  I noticed on the transunion and equifax reports via creditkarma that they are now shoing a $0 balance even though I owe $8,753 on it.  Should I file dispute or just leave it alone?

Frequent Contributor
Posts: 411
Registered: ‎07-17-2013
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Re: MTB Bank

Was your reaffirmation approved by the court already? an does the account shows $0 balance and under remarks (CLOSED included in bankruptcy)?

BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-651
TU-653
Established Member
Posts: 37
Registered: ‎06-06-2016
0

Re: MTB Bank

Paperwork was done on Monday, so still waiting to get ok on that.  TU shows a $0 balance chapter 7 bankruptcy and EQ shows bankruptcy chapter 7, bankruptcy petition, fixed rate.

Regular Contributor
Posts: 155
Registered: ‎11-04-2016
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Re: MTB Bank

I reaffirmed my car and it showed that way on my reports until after discharge.  My car loan  began reporting again about a month after discharge.  I have read on this board tgast some lenders never report after that, but mine did.



BK discharged 12/28/16, as of 3/5/17 EQ691 TU664 EX670
Valued Contributor
Posts: 1,162
Registered: ‎09-28-2014
0

Re: MTB Bank


mewing103380 wrote:

Paperwork was done on Monday, so still waiting to get ok on that.  TU shows a $0 balance chapter 7 bankruptcy and EQ shows bankruptcy chapter 7, bankruptcy petition, fixed rate.


Did your reaffirmation agreement state that the bank would report your payments to the credit reporting agencies? Always good to get that in writing, might not be too late if that wasn't on your reaffirmatin agreement. Some banks don't report even if reaffirmed.


Scores FICO 677, Fakos TU 729, EQ 726, EX 716 BK7 discharged 1/31/2011
Established Member
Posts: 37
Registered: ‎06-06-2016
0

Re: MTB Bank

I checked the paperwork and it didn't say that it would report to the CRB's

Frequent Contributor
Posts: 411
Registered: ‎07-17-2013
0

Re: MTB Bank

Then there isn't a guarantee they will report, some do and some don't. Another thing is that the judge will have to approve this.

In your case is possible since you stated that the balance will be paid by next year. Do you have any equity in the car?
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-651
TU-653
Established Member
Posts: 37
Registered: ‎06-06-2016
0

Re: MTB Bank

I owe $8,753.  

Valued Contributor
Posts: 1,162
Registered: ‎09-28-2014
0

Re: MTB Bank

[ Edited ]

mewing103380 wrote:

I owe $8,753.  


But what is the car worth, such as the resell value indicated on kbb.com (Kelly Blue Book)

 

TXinandout asked about your equity in the car, equity = resell value-loan balance. If you don't have at least several thousands of dollars of equity in the car, it's not a good idea to reaffirm. If you have financial problems down the road & can't make the payments if they repossess the car you could be on the hook for $$$ if they sell the car for less than you owe. If you don't reaffirm all they can do is take the car.


Scores FICO 677, Fakos TU 729, EQ 726, EX 716 BK7 discharged 1/31/2011
Established Member
Posts: 37
Registered: ‎06-06-2016
0

Re: MTB Bank

kbb has the trade in value in very good condition at $20,731

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