I'm not sure this is the right place to post so please let me know if I should have posted elsewhere.
My chapter 13 story.
I was working and making great money till 2009. Then the restaurant I had worked in for 7 years started really slowing down. It did close down in 2011.
I had excellent credit and not one day late on any of my bills. When I saw the real estate market going down I knew I was in trouble. I still was paying my mortgage on time and the credit cards. But work was getting slower and slower. We were a high end restaurant in Miami and people quit spending money.
I contacted Chase and asked for a modification. To make a long story short after 2 months back and forth with me sending all the paper work I got the letter I couldn't get it.
I still was not one payment late altho I told them it was coming. My car was paid off. My two credit cards with a balance were still not late. All others were paid off. I still had a job and had some money in the bank so they could know I had the ability to pay if they approved the modification. I felt I was the poster child for getting a loan modification. Still they said no.
Well I looked for another job, couldn't find one. Looked at all my options.
I had money in my savings so I had to decide if I would keep paying on a house which was underwater with high taxes and insurance or not.
I walked away. I took all my money in savings and paid cash for a house in Georgia. 41,000.00. I never wanted to feel like I could be homeless again. Pay taxes and everyone leaves you alone right? BUT for the two credit cards.
I got served not once and my home but twice 3 weeks ago for the credit cards that had been sold to a collection agency. After talking to family and looking on the internet for all my options I found since I own my house outright I was in deep poo poo.
The amount I owe for both cards is about 8000.00 but I don't make alot of money which is fine. I live simply but can't pay them. So the chapter 13 starts so I can keep my home.
I am below medium income but have to pay them what they would have gotten if I had filed a 7 so for 5 years I'm gonna have to sweat.
I can only hope I have no major problems, car job ect. and hope the little scratch off ticket I have in my pocket will hit and allow me to pay these people off so they will leave me alone.
Thank you if you read thru all this drama...
My chapter 13 story.
I was working and making great money till 2009. Then the restaurant I had worked in for 7 years started really slowing down. It did close down in 2011.
I had excellent credit and not one day late on any of my bills. When I saw the real estate market going down I knew I was in trouble. I still was paying my mortgage on time and the credit cards. But work was getting slower and slower. We were a high end restaurant in Miami and people quit spending money.
I contacted Chase and asked for a modification. To make a long story short after 2 months back and forth with me sending all the paper work I got the letter I couldn't get it.
I still was not one payment late altho I told them it was coming. My car was paid off. My two credit cards with a balance were still not late. All others were paid off. I still had a job and had some money in the bank so they could know I had the ability to pay if they approved the modification. I felt I was the poster child for getting a loan modification. Still they said no.
Well I looked for another job, couldn't find one. Looked at all my options.
I had money in my savings so I had to decide if I would keep paying on a house which was underwater with high taxes and insurance or not.
I walked away. I took all my money in savings and paid cash for a house in Georgia. 41,000.00. I never wanted to feel like I could be homeless again. Pay taxes and everyone leaves you alone right? BUT for the two credit cards.
I got served not once and my home but twice 3 weeks ago for the credit cards that had been sold to a collection agency. After talking to family and looking on the internet for all my options I found since I own my house outright I was in deep poo poo.
The amount I owe for both cards is about 8000.00 but I don't make alot of money which is fine. I live simply but can't pay them. So the chapter 13 starts so I can keep my home.
I am below medium income but have to pay them what they would have gotten if I had filed a 7 so for 5 years I'm gonna have to sweat.
I can only hope I have no major problems, car job ect. and hope the little scratch off ticket I have in my pocket will hit and allow me to pay these people off so they will leave me alone.
Thank you if you read thru all this drama...