FHASecure

[jakeinTX]

Hello All,

I have mortgage questions that I am not sure how to get answered. My mortgage was done as an 80/20 mortgage. We took it out in Sept of 2006. Our 1st mortgage is a fixed rate but interest only for the first 10 years. Then it amortizes over the remaining 20 years. Out second mortgage is fully amortized over 30 years but is a ballon after the 10th year. We owe $138k on the first and $38k on second. We have no late payments on mortgages and 1 on a credit card. I am contemplating a Chpt 13 and wondering if we maybe eligable for an FHASecure refi. Has anyone delt with this? Our equity in the home is $0. Two homes like ours is for sale in the neighborhood one is up for $176k, the other $195k(I think someone is smokin crack as this house is on a terrible lot).
Jake

[lrprn]

We need more information to understand your situation better, Jake.

Why do you want to file Ch 13? Are you having trouble making your mortgage payments right now or are you expecting trouble in the near future? How much unsecured debt (credit cards, etc) do you owe right now? Are you married? Do you have children? Does your spouse intend to file with you?

[jakeinTX]

More Info

We show income of:

Base - $60100
OT-$10k (this year but now non-existant at work)
Bonus - $9k (but not guaranteed)
Wifes income $3000/year

Debts:
$51k in Unsecured Debt
$32k in car loans (cars worth about $20k-Truck and SUV)
$138k on 1st Mortgage
$38k on 2nd Mortgage
$12k in Student Loans
$10k in 401k Loans
$3k in Medical debt
$4800 Property Taxes (not behind)

We have 3 kids and two are shaping up to be requiring alot of care.
I am meeting with an attorney on Wednesday to discuss BK options, I am looking at Chapter 13. I don't believe my info will meet a Chapter 7 requirement ($9k bonus and some OT will be over 6 months old, not sure if that will matter).

I want to file seperatley since all debt is in my name. Will Texas allow this?
I would like to keep house and vehicles. I am now at a position where I can no longer even pay the basics of the house along with minimum payments of debt. Taxes will only get paid if a bonus is recieved. What should I be expecting when I meet with attorney?

Thanks
Jake

[chloe0724]

The new program the govt just passed doesn't start till 10/01/08. I too am hoping to qualify for the secure refi as well.

[Logan]

Why do you want to refi? Having an interest only 1st with an amortized second is fine-especially because it's 10 years.

Logan

[chloe0724]

Logan,

you don't know how long he's had the loan. It may be year 9 for him.

[Logan]

Logan,

you don't know how long he's had the loan. It may be year 9 for him.

He said he opened it in Sept. 2006....

[chloe0724]

Sorry, need to pay more attention...