Saving Ch13 and delinquent mortgage.

[spidge]

FINALLY!!!!! The company I work for has a medical report in hand that will put me back to work, so I should be back in action by Wednesday.

The bad:
About four, ok maybe five, months behind on mortgage.
Two months behind on trustee payement.
Wife lacks confidence to land a full time job, but currently works part time. There is risk of conflict here.
I don't plan to go back in the same capacity/position. I need less stress and I don't care to work 60+ hours a week or travel without a major benefit. The carrot hanging in front of me is not enough.
Very physical job.

The good;
Regular paychecks at a good wage even though I will be working about 50 hours a week.
Medical benefits paid.
Good vacation time.
Not much else.

Fingers crossed I get through this as I dream of helping my young adult children here and there.

[spidge]

Attorney wants to look into modifying the ch13 plan and that I would have to seek another modification or settle up with the mortgage company in some way outside the bk plan. She doubts I could get the plan payback reduced very much as it is already only 3%.

[spidge]

Options?

Well I am still not back at work so there is no income available to enter into any kind of agreement yet. I am thinking about options available to me even if I end up back to work.

1. If I go back or am able to replace my income could I modify the plan to include the few back mortgage payments and one missed BK payment.
A. Could this include reduce my payback amount?
B. Could I include a small amount of new federal taxes?
C. What else?

2. If I do not get back to work or if I have to take a job that will not match my old income could I convert to a ch7?
A. How would the house be dealt with?
a. Let it go.
b. Would I be able to obtain a ch7 discharge and enter into an agreement with the mortgage company at the same time in order to keep the home.

3. ??????

[dmc-2008]

No it's not over yet!!! One day at a time is what I have been reminded to do too!!! Xoxo

[spidge]

Well even though I was told an exam or "fit for duty" exam would satisfy the company to allow me back to work some technicality they could not decipher within the report has put me on hold again. Ridiculous, but I sought advice from an attorney on the injury subject too late in the game, so it seems that I am on my own on this.

So still stressed, but not as much. If it is meant to be I will keep the house as I have many years left until retirement and intend to use proceeds from it to help. It is part of the mortgage free retirement plan(dream).

Thanks for the encouragement or rather kick in the arse about reducing stress. My goals for the last 5ish years was to reduce stress in my life including stepping down at work once I accomplished creating a financial situation that was less demanding at home. Problem is, all that I have worked for is now in jeopardy.

I'll get there one way or the other. That does not mean I will like it. I may not be comfortable or like the fight or race, but if it wins the race I'm good.

I'll chip away at the issues and ride any momentum I can create or happen upon.

It in not over yet!!!

[dmc-2008]

Sorry for all this stress and it has to be heartbreaking to be so close. But step back and take a reality check, look at what this house situation is doing to you? Its killing you, why? So the bank gets theirs, you will have a heart attack or stroke from the stress then where does that leave you? Without the house anyway? Its a building, a box, would you die for it? The stress will destroy any chance you have of getting back to work.

Do not touch your 401k, one of the worst decisions you could possibly make and again for what? So the bank will not take back their house (and as you are experiencing it was never really yours until it is paid off), look when did the bank become number one in your life above you and your family? Seriously, step back and take a breathe and look at this situation for what it is. You are suffering at the hands of the mortgage company and at this point the reality is you cannot afford this house, period! What happens when the "next big life event happens" and you fall behind again?

I wish you luck but put yourself and your family first and things will not be better if the stress gets you, it can get much worse for you....hopefully you will have that epiphany, good luck!

I wish you luck but put yourself and your family first and things will not be better if the stress gets you, it can get much worse for you....hopefully you will have that epiphany, good luck!

I think I need to heed these wise words too!!!!

[despritfreya]

I don't disagree with Drazil65. A house is simply a place to live and if keeping this particular place to live is not possible (for whatever reason) you move on. It becomes a business decision. Once you take the emotion out of the mix, decisions become clear and easy to make with no regrets.

Now, if you are on the bubble with a good prospect in the next month to "save" the home, the question becomes. . . what does your attny recommend?

As you and I previously batted around, you can try to modify the Plan and put the post petition arrears into it even though you now have less than 16 months to go. Or, once the Motion for Relief is filed, you can enter into a stipulation to "cure" the post petition default but the cure would most likely be only over a 6 month window. Another option is attempting a HAMP modification, which has nothing to do with the bk. Have you looked into the HAMP modification process?

Des.

[justbroke]

Spidge, I'm sorry to read the news. I see Des is providing some guidance. Hang in there.

[Drazil65]

Sorry for all this stress and it has to be heartbreaking to be so close. But step back and take a reality check, look at what this house situation is doing to you? Its killing you, why? So the bank gets theirs, you will have a heart attack or stroke from the stress then where does that leave you? Without the house anyway? Its a building, a box, would you die for it? The stress will destroy any chance you have of getting back to work.

Do not touch your 401k, one of the worst decisions you could possibly make and again for what? So the bank will not take back their house (and as you are experiencing it was never really yours until it is paid off), look when did the bank become number one in your life above you and your family? Seriously, step back and take a breathe and look at this situation for what it is. You are suffering at the hands of the mortgage company and at this point the reality is you cannot afford this house, period! What happens when the "next big life event happens" and you fall behind again?

I wish you luck but put yourself and your family first and things will not be better if the stress gets you, it can get much worse for you....hopefully you will have that epiphany, good luck!

[spidge]

U r almost home! You should be ecstatic!!!!!!

Being so close is why I am fired up. I was in a hole before, but not to the point where I had doubts about finishing the plan.

[dmc-2008]

U r almost home! You should be ecstatic!!!!!!

[dmc-2008]

Still on freak'n hold. How long does it take to write a report that explains that I am able to do the work?!!!!!!!!!!!!!!

Meanwhile I paid the trustee for August, but not the mortgage.

Experiencing depression, little to no sleep, mad as hell, stressed out, weight gain, old car syndrome, old house syndrome, old dogs, etc....oh and falling apart myself.

The light at the end of the tunnel is so very hard to see.

At the F&%@ it stage!!!!!!!!!

Spidge I hear ya!!! I can relate!!!! I live in a condo that I hate but if I stick it out and there are no unexpected I win!!!! It's so freaking hard though!!!!! Xoxo to you!!!!! How long are you in for?

[spidge]

Still on freak'n hold. How long does it take to write a report that explains that I am able to do the work?!!!!!!!!!!!!!!

Meanwhile I paid the trustee for August, but not the mortgage.

Experiencing depression, little to no sleep, mad as hell, stressed out, weight gain, old car syndrome, old house syndrome, old dogs, etc....oh and falling apart myself.

The light at the end of the tunnel is so very hard to see.

At the F&%@ it stage!!!!!!!!!

[dmc-2008]

I am so sorry! I hope this works out! You have come so far!

[spidge]

I am so very frustrated now. So I have been released from my doctor but have been rated at 5% in the shoulder through the qualified medical examination. My company will not take me back until a "fit for duty" is competed successfully and is not scheduled until 9/9. I cannot obtain disability without a doctor to complete the info yet workers comp checks have ceased. So little to no income for 3 weeks so far and likely three more before going back to work. That is if I pass the fit for duty.

Just beside myself.

I guess I will call the attorney and touch base, but without any respectable income I cannot enter into an agreement with the mortgage company to catch up. Once back to work in September I think I would be OK, but I would not be able to add $600 per month to catch up on the mortage.

I agree that I should avoid using the 401K, but if I could access say 10% of it to bring the mortgage current and maybe pay off the BK altogether with another 5%.

Thanks for listening.