i checked on doing a buyout

[13inOR]

Buying out isnt for everyone, especially if you are paying a very small percentage compared to 100%. But, it can be good, if you have a lot of equity and are in a good real estate market, and if paying off early saves you blood sweat and tears in the long run , then it could be worth it.

For most though, waiting out the 36 months is usually better. But it just depends on your situation. If you are in a 100% plan then it makes no difference. I know M900 waited till the 36 month point, Jman seems to doing it sooner but in his case it probably will be better, I know he has given it a lot of thought. In our case, we were 100% anyway so nothing lost. Our housing market here is on fire and has always been steady and upward so I was not concerned about adding to the morgage balance. We didnt even scratch the surface of our equity.

I guess the moral is, weigh your situation very carefully before you buy out, It may or may not be for you.

[lrprn]

[warning....rant commencing....] Our son is active military (Army) and is headed to Iraq next month. It's shameful that so many of our politicians wrap themselves up in the flag and say with pride how much they love America, but then go into secret closed rooms to create bills that cut benefits to our servicemen and women and pass them in the dead of night while keeping fat cat big business tax breaks in place that could pay for more military pay a hundred times over. Their hypocrisy leaves a such a foul stench in the air that I can hardly watch the news or read the paper any more. The lies and cover-ups are really getting to me. And now that our son is going into harm's way to protect those bastards, the one thing I can do personally is make sure I don't vote for one single politician who voted to cut military benefits. [ok, rant over...back to our regular programming Thanks for letting me vent.]

Know that we are here for you any time you need to vent or cry on a friendly shoulder, coma. You and your precious family deserve better.

[CAB_44]

AMEN IRPRN~
I believe what you said is the truth as well.....
hey layin' it out there...as long as it's the truth....go ahead and rant......!!!
I feel the same~
13InOR... I think you said it true as well....too many issues need to be considered when making the decision!
For all....there is a song out on the raido that I LOVE at this time....
"If you're goin' through hell"....it's country, which I love all genres....but this one just kind of says it all for me~ It's such a POSITIVE song for anyone goin' through "something".....
I enjoy reading these posts~
Hang in there coma~ i've said it before..we're all rowing the same boat~ myslef included Thinking about you~ and IRPRN your son as well~

[Jman30]

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.....

CAB_44,

I can speak to this a little. I know what you are saying about adding onto the mortgage. First off, I am not really adding onto my mortgage. I am refinancing at 90% LTV, so I am not even pulling the full equity out of the house. My mortgage payment will be dropping over 200 from where it was before the BK and this new amount even includes escrow, which my pre-BK mortgage payment did not.
Second, I guess I was lucky in the respect that I only had to file around $35,000 total in the BK. I have over $50,000 in equity on the house. So the refinance is only for $185,000 and the house was appraised at $208,000.
You are right though - in MOST cases, it does NOT make sense to do this.

[coma]

CAB_44,

I can speak to this a little. I know what you are saying about adding onto the mortgage. First off, I am not really adding onto my mortgage. I am refinancing at 90% LTV, so I am not even pulling the full equity out of the house. My mortgage payment will be dropping over 200 from where it was before the BK and this new amount even includes escrow, which my pre-BK mortgage payment did not.
Second, I guess I was lucky in the respect that I only had to file around $35,000 total in the BK. I have over $50,000 in equity on the house. So the refinance is only for $185,000 and the house was appraised at $208,000.
You are right though - in MOST cases, it does NOT make sense to do this.

Ok, I get the situation now...s for you it makes sense, but for some, it could cost a lot more in the long run. I think the psychological benefit of having the trustee out of your butt (sorry) is worth a lot!

Thanks, lrpn, CAB,,,I have so many things I could say about that...in agreement...but this isn't the right board!

[Jman30]

[QUOTE=coma]Ok, I get the situation now...s for you it makes sense, but for some, it could cost a lot more in the long run. I think the psychological benefit of having the trustee out of your butt (sorry) is worth a lot!QUOTE]

You know, that is more than half of it. I have spent ALOT of time thinking about this...I am not a hasty person. As 13inOR can attest, I have thought long and hard about it, consulted my attorney, consulted various lenders and this board,.

But having the Trustee out of my life, having my paycheck back and starting to rebuild my credit now instead of in another 2 years.....geez, just thinking about it gets me excited!

[M900]

But having the Trustee out of my life, having my paycheck back and starting to rebuild my credit now instead of in another 2 years.....geez, just thinking about it gets me excited! [/QUOTE]



AMEN

[13inOR]

amen to both of you!!!

[Minnymouth]

Not to change the subject - but - the little guy:



IS SAYING "OH YEAH"................. "YES" "GO FOR IT"

[Jman30]

Actually, my mortgage just called and said they got the Trustee Approval this morning to incure more debt and refinance...I checked PACER and there it was!

All he is waiting on now is the Chap 13 payoff letter and we are good to go...said should close next week....

Going to be a long weekend.....next week could be it!

[lrprn]

Actually, my mortgage just called and said they got the Trustee Approval this morning to incure more debt and refinance...I checked PACER and there it was!

All he is waiting on now is the Chap 13 payoff letter and we are good to go...said should close next week....

Going to be a long weekend.....next week could be it!

FANTASTIC news, JMan!!! Soon Ch 13 will just be a bad memory. Keeping our fingers crossed that everything goes smoothly for you next week!

[coma]

Actually, my mortgage just called and said they got the Trustee Approval this morning to incure more debt and refinance...I checked PACER and there it was!

All he is waiting on now is the Chap 13 payoff letter and we are good to go...said should close next week....

Going to be a long weekend.....next week could be it!

WAY TO GO!

[SinkingFast]

Actually, my mortgage just called and said they got the Trustee Approval this morning to incure more debt and refinance...I checked PACER and there it was!

All he is waiting on now is the Chap 13 payoff letter and we are good to go...said should close next week....

Going to be a long weekend.....next week could be it!

WoooHoooo!! JMan!! Many Congrats!!

[M900]

Like Tom Petty said.........The waiting is the hardest part