i checked on doing a buyout

[Peevee]

I checked on doing a buyout today. I filed in Dec 2004, they have us setup on a 51% payback. I have to pay 100% if I payout before 36 months. I am sick of being in a chapter 13. I guess I will try to tuff it out another year and a half.

I thought maybe the trustee might let us buyout now at 51% and I was going to check on refinancing the house.

[M900]

I feel your pain I just recently bought out at month 37 it's tough but worth the wait not to have to pay back %100 hang in there.

[Jman30]

I am going through this process right now....in fact, I am almost at the end. Supposed to be closing next week.

I am in month 19 of a 48 month plan. I am not in a 100% plan so I do know that I am paying back the 100% when I could wait another 18 months and pay back at the %.

But things are just so tight and we just found out my wife is pregnant with our third, that we just have to get out of it. Thankfully, I have more than enough equity in the house to cover the mortgage payoff and the chapter 13.

So if you have any questions about the process or what you can or can't do, let me know! I would be happy to share my experiences!

[CAB_44]

Okay guys~ I'm confused... probably doesn't surprize too many...
if Chap 13 makes your budget so tight, and I'm not doubting that it doesn't, how is it that you would have money to "buy out of your 13"... I don't understand that.....maybe I haven't read enough~it's probable...my brain is freeze dried at the moment with all of this stuff.
Can someone graciously explain this one to me?! Thanks~ SOOOO new at this........
CAB

[coma]

Okay guys~ I'm confused... probably doesn't surprize too many...
if Chap 13 makes your budget so tight, and I'm not doubting that it doesn't, how is it that you would have money to "buy out of your 13"... I don't understand that.....maybe I haven't read enough~it's probable...my brain is freeze dried at the moment with all of this stuff.
Can someone graciously explain this one to me?! Thanks~ SOOOO new at this........
CAB

Confusion is the norm...you know that!!! They can buy out by geting the trustee to give them permission to refi their homes to get the money to buyout. The percentage they pay depends on how long they are in the plan and all that.

[CAB_44]

ahhhh ~ haaaaa....I see, well I guess depending on your payment amount in the 13, I still would think that it would be beneficial to just finish the 13, rather than refi and add more to/ or take out another 30 yr mortgage. I guess it all depends too on your house payment and other things...I still just don't see the benefit of adding to the mortgage....especially if the bottom drops out of the current home buying rage/sellers market... and your stuck owing on a house that really isn't going to be worth even what they say the current appraisel is at this time...
We refi'd a few years ago, and actually got more on the house than it really was worth, thinking that would help us...but we ended up refi again because the 2 payment thing plus still having CC debt was not helping as much as we thought it would....luckily tough our house is now actually worth more than we refid for the second time and just have one payment, but I don't think that will continue, I'm guessing the pricing market is about to bottom out on homes......especially since the interest is going up and a lot of people seem to be doing the ARM thing...that is going to kick butt when the market bottoms out fairly soon because interest is going up.....

[coma]

I agree...the market is arways good, if not on fire, in hawaii, but I would be cautious...I don't know,...I don't own a home...and probably never will at this rate!

[CAB_44]

woo hoo coma~
I was just in Hawaii~
Okay before all of you go ."WWWHHHAAATTTT" she's filing chap 13 and she went to HAWAII????
Well, my sweet MOTHER took us there all expenses paid, and we had a great time!!!!!!!!
Anyway~ it's beautiful....but the cost of living.....YIKES!!!!!!!!!!!!!!!!
"smiling"
goodness...those payments of 300 for 36 months sounds good to me....I wish I will only be so fortunate...but hey, it's still hard to pay back at any point.....what we have to go through huh........???!!!!!!!

[coma]

woo hoo coma~
I was just in Hawaii~
Okay before all of you go ."WWWHHHAAATTTT" she's filing chap 13 and she went to HAWAII????
Well, my sweet MOTHER took us there all expenses paid, and we had a great time!!!!!!!!
Anyway~ it's beautiful....but the cost of living.....YIKES!!!!!!!!!!!!!!!!
"smiling"
goodness...those payments of 300 for 36 months sounds good to me....I wish I will only be so fortunate...but hey, it's still hard to pay back at any point.....what we have to go through huh........???!!!!!!!

The payments are ok, but we should've not been forced to convert...it's a long story, but we can barely get by wven with tiny payments...the UST here is a total butt...I'm sorry...that was immatrue!

As far as hawaii goes, you can have it! Vacation is nice, but living here is another story...it's a great place to visit, but there's so much crap that comes along with living here, that if I had a choice, I wouldn't be here! <---- What is that little guy doing?

[CAB_44]

I think is wiping his brow as if to say "whew" ????
could be wrong there!
Well.....the real estate there is atrocious....spelling~ we were shocked....
it would stink having tourists all over the place....I could see it on their faces....poor souls~
I was thinking" hmmmm...If I could just move my house there...I wouldn't have to file BK...." ...oh well.....
I don't suppose even 300 month payback I could afford to live there...housing.cost of living...etc......
I didn't mean to sound insensitive...I hope I didn't come across that way~ after I wrote that, I wished I didn't because I didn't mean to sound insensitive.....please forgive me if it came across that way~ this isn't easy for ANYONE.....whether your payments are 100 or 2000....nothing is easy~
I have just been paying CC co. 2300.00+ monthly~ so 300 would be my dream payment....but it still is hard~ for anyone......especially when you are having to live somewhere where the cost of living is so high~

[coma]

You're not insensitive...it's realtive.

We were fine before we moved here, and lack of a decent paying job, child care, commuting costs, uncovered moving expenses...it all conspired to kill us financially. We made some bad choices, too, but this all just made it happen quicker. I wish we never had to move. I had a great job and a neighbor who gave the best, and the cheapest, babysitting...

[CAB_44]

Coma~
Did I see you said somewhere you are Military?
My dad was Military~
I am ashamed that the good ole USA doesn't PAY THEIR MILITARY ENOUGH~
it's awful what they expect our military men and women and families to live on....it's poverty level~
We weren't so bad off...but my parents were TIGHT.......they had to be....if anything and I mean ANYTHING awful would've happened we would have been in serious financial trouble....they struggled though, but I am shocked to see how little the Gov pays our wonderful military families........not good....

[coma]

Coma~
Did I see you said somewhere you are Military?
My dad was Military~
I am ashamed that the good ole USA doesn't PAY THEIR MILITARY ENOUGH~
it's awful what they expect our military men and women and families to live on....it's poverty level~
We weren't so bad off...but my parents were TIGHT.......they had to be....if anything and I mean ANYTHING awful would've happened we would have been in serious financial trouble....they struggled though, but I am shocked to see how little the Gov pays our wonderful military families........not good....

My husband is in the army...deployed three times, wounded twice, and will leave again in three weeks...we get extra money when he's gone, but it's not that much, and I'll be straight...I spent some of it to travel, home to my parents' and to his, while he's gone, to fill the void. We save some, but it was taken when we filed ch 7 at the beginning of this mess.

We also get COLA and housing allowance, but when rents rise faster, gas rises faster, and even at the commissary, food is expensive, there's not much room. This move killed us...we lived for almost 2 months without household goods, so we had to buy cheap temporary things, because we don't live on base, because there's no housing available, plus losing my job and not being able to find another, plus the total lack of child care, let alone afforable child care...

I digress, as usual, but I agree...it's rough.

[CAB_44]

oh my coma~
i'm speechless... really
my dad was also army...i'm just so sorry for you all, this is so sad~
I can only imagine.
I would think that by moving you guys to Hawaii~ the Army knowing the cost of living there, that they would have to up the pay scale for everything to your family~ I know it doesn't work that way, but really..if they are going to move you to that high of a cost of living they should compensate for it.~
I honestly can say that you should be able to do 7 and be done with it...keeping car, home whatever...everything. I know about the housing allowance, but I can remember having to live in some pretty bad places....my parents were sick of that one...always leaving a place much better than we found it..for sure~
I'm sorry for your husband being wounded too....man~ this is just heartbreaking....
I am ok with the fact that we went over there for a reason, but dang it, we should just get it over with and be done with it..... I totally support the military. I just think we should of handled the first steps a lot more harsh, and brought our guys and gals home for heaven sake...... well...Lord knows I had better not get on my soap box about war.....it's just a good thing I'm NOT King I guess...Queen...whatever~ I would be done with them....
ok...ok enough~
But hey~ my hats off to you and your precious family~

[coma]

Thanks, and I agree with that, too, but I'm not queen either.

In the governments defense (HA!) they do give us some extra money, it's just that the pay doesn't keep up with the cost of living...