(raising hand)...I would be the dummy. Please help with what you can...
-- Home: Owe $366k / Value $320 (a guess, but a really good one) $2,500 mtg. with Chase.
-- ELOC: (2nd) owe $88k secured.
-- Credit Card: owe $70k unsecured.
-- Income: Combined, last 6 months -$4,500 NET per month ($78k gross per year) $1,500 in the hole each month.
We were going to file 13...then decided to try and negotiate out of it. The CC company basically said no today. (80% of what we owe...they want...which stunned us) So now it looks like 13.
Questions:
--Started the mtg modification a week and half ago. She (Bank) told me to not pay for three months. We won't do BK until we get the modification.
1. If we withhold our payment for three months...at what point do we worry about the house being forclused? 6 months? A year? Obviously we will save the money (it's actually the only thing we canafford to pay)and pay the back three months when it is called for. So...do we worry at all if we are late three months? Can we lose our house in that short of time frame?
2. What can we expect to pay on our unsecured ($70k) debt and secured ($88k) debt repayment?
3. If we have close to $2,000 each month going to those debts...what can we expect to pay over our five years per month? Ball park...I realize there is a formula...but will it be $300-$400 or $900 to $1,000?
4. We are 2 months behind on the second...since we have to wait (3 months) until we can get the loan modification for the first should I pay the second so that we aren't 5-6 months behind before we can file 13?
Thank you for this site!!!
-- Home: Owe $366k / Value $320 (a guess, but a really good one) $2,500 mtg. with Chase.
-- ELOC: (2nd) owe $88k secured.
-- Credit Card: owe $70k unsecured.
-- Income: Combined, last 6 months -$4,500 NET per month ($78k gross per year) $1,500 in the hole each month.
We were going to file 13...then decided to try and negotiate out of it. The CC company basically said no today. (80% of what we owe...they want...which stunned us) So now it looks like 13.
Questions:
--Started the mtg modification a week and half ago. She (Bank) told me to not pay for three months. We won't do BK until we get the modification.
1. If we withhold our payment for three months...at what point do we worry about the house being forclused? 6 months? A year? Obviously we will save the money (it's actually the only thing we canafford to pay)and pay the back three months when it is called for. So...do we worry at all if we are late three months? Can we lose our house in that short of time frame?
2. What can we expect to pay on our unsecured ($70k) debt and secured ($88k) debt repayment?
3. If we have close to $2,000 each month going to those debts...what can we expect to pay over our five years per month? Ball park...I realize there is a formula...but will it be $300-$400 or $900 to $1,000?
4. We are 2 months behind on the second...since we have to wait (3 months) until we can get the loan modification for the first should I pay the second so that we aren't 5-6 months behind before we can file 13?
Thank you for this site!!!
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