SO CLOSE - I need some reassurance!!!

[lrprn]

Honest to God, I am driving my wife nuts. I haven't slept in two nights. I am such a type A personality....I toss and turn thinking of all the things that can go wrong...even though I know it all set.

Want to hear something sick?? I am actually worried about NOT being in the Chapter 13. It is scary to think I am on my own again...not under the protection of the court anymore. I know that sounds weird.....but there is some sense of security being in a Chapter 13. You know you are free from the hassle of debt collectors, you know your debt is being paid, etc.
Is that stupid or what??

Not stupid at all. It's totally normal to worry when you are headed back into the waters where you got bitten by the shark once already. Only now you know what the shark looks like up close and survived the bite, so now you can avoid it. You've learned so much the last few years, JMan - you'll be fine! Any any time you're tempted to go poke the shark again, know we'll all be here ready to say, "Are you NUTS!!!????"

Hang in there - everything will be over very soon and you can breathe (and sleep!) again.

[Jman30]

Ok, I spoke to my lender again. Everything is good, the final paperwork is at the Trustee's office right now....they get the final stamp of approval before close.

I am getting back $10,404.00 from the close, AFTER paying off the mortgage and the Chapter 13. My lender did say, that money coming back was assuming Trustee Approval, they could decide to keep it and give it to creditors. She said that almost NEVER happens if you have had a perfect payment history and are paying off the Chapter 13 in full with the refinance.

Of course, me being me.....I assume the worst and figure they will keep the money. LOL But my lender says that they just approved a guy getting $29,000 back, so I shouldn't be a problem.

Anyone have experience or knowledge of this?? Will I get that money back or will they try to take it??

[bkdone]

Ok, I spoke to my lender again. Everything is good, the final paperwork is at the Trustee's office right now....they get the final stamp of approval before close.

I am getting back $10,404.00 from the close, AFTER paying off the mortgage and the Chapter 13. My lender did say, that money coming back was assuming Trustee Approval, they could decide to keep it and give it to creditors. She said that almost NEVER happens if you have had a perfect payment history and are paying off the Chapter 13 in full with the refinance.

Of course, me being me.....I assume the worst and figure they will keep the money. LOL But my lender says that they just approved a guy getting $29,000 back, so I shouldn't be a problem.

Anyone have experience or knowledge of this?? Will I get that money back or will they try to take it??

I got $23,432 wired to my account on July 26th...whatever that Tuesday was. The lender never mentioned the Trustee potentially keeping it. I think u are okay!!

[Jman30]

I got $23,432 wired to my account on July 26th...whatever that Tuesday was. The lender never mentioned the Trustee potentially keeping it. I think u are okay!!

I think it was just a standard thing she had to say....she basically told me not to worry, but she had to mention that all this was contingent upon Trustee approval.

I think I will be ok. To be honest, even if they kept the $10K, I would still go through with it just to get out of the BK!

[13inOR]

I honestly think if they were going to keep the extra 10K, they would have already stipulated that in the paperwork, because they know you are getting it al along. Thats my feeling. I am glad this will soon be over for you.
I know what you mean about the secure feeling, too. We ended up with a lot of doctor bills over what the insurance covered last year (about $5000) and we are able to pay a big chunk each month but I cant wait to get them paid because I dont want to owe anything but my car and home!! But its sure easier to pay them now that we arent giving the trustee all our money.

[13inOR]

Jman, I was just thinking, why would they give any to creditors anyway if you are having to pay 100% because you are doing it before 36 months? There wouldnt be any more owing anyway?
Maybe she meant sometimes they give the extra to creditors for people who refid after 36 months, with monies still owing technically?

Also as far as the wiring goes, our title company gave us that option when we signed, and it was in there in the afternoon of the funding day. Worked like a charm and I dont think it even cost extra.

[Jman30]

I honestly think if they were going to keep the extra 10K, they would have already stipulated that in the paperwork, because they know you are getting it al along. Thats my feeling. I am glad this will soon be over for you.
I know what you mean about the secure feeling, too. We ended up with a lot of doctor bills over what the insurance covered last year (about $5000) and we are able to pay a big chunk each month but I cant wait to get them paid because I dont want to owe anything but my car and home!! But its sure easier to pay them now that we arent giving the trustee all our money.

Once I get that $10K, I need to catch up a few utilities that I am behind on and a few small bills like $60 for a dentist, $50 a vet appointment, etc.

But I told my wife that when we pay the $400-$500 of small bills we have hanging around, we will owe NOBODY ANYTHING, will own the cars, will have $10K in savings and have NO BILLS. I told her I am going to circle that one day, that one day that we had NO BIILS and OWED NOBODY ANYTHING...and each year on that day we'll have a glass of champagne. LOL

[Jman30]

Jman, I was just thinking, why would they give any to creditors anyway if you are having to pay 100% because you are doing it before 36 months? There wouldnt be any more owing anyway?
Maybe she meant sometimes they give the extra to creditors for people who refid after 36 months, with monies still owing technically?

Also as far as the wiring goes, our title company gave us that option when we signed, and it was in there in the afternoon of the funding day. Worked like a charm and I dont think it even cost extra.

The way the Chapter 13 payoff worked was that the Trustee has us paying back 100% of the secured debt, but he kept the unsecured at the 11%, even though it was before 36 months. Don't know why, don't care why. But I've seen a posts out here that Trustees have done that...it is at their discretion. My only thought was that if the Trustee sees the $10K, he may decide to throw a little more to the unsecured creditors.

But you are right....the Trustee has already seen I am getting money back and probably would have already made an objection. My lender said that our Trustee is very easy to deal with and she has never had a problem. She said the Trustee himself dosen't even sign off on it, it is some girl in the office who does it on his behalf and she has a great working relationship with her.

But you know how it is when you get this close to getting out from under the 13....you think of anything that can wrong.....

[Jman30]

My lender called me today. The Trustee APPROVED my refinance and buy-out. So I am allowed to get the $10,404.89!!!!!!!!!!!

Closing on Wednesday 8/23 at 4pm.....loan will fund on 8/29.

I was convinced all weekend the Trustee wouldn't let me keep the money...so far, I have spent a month worrying and everything has gone great......maybe I should keep worrying right up until we close in 2 days??? The worrying seems to be working!! LOL

[bkbiker]

[Jman30]

Thanks bkbiker. You can assured, if it is ONE thing I have learned through all of this is how to be financially responsible. I could list all the things I have learned, but it would take too long. But I will never have this much bad debt again. Maybe one credit card at some point and I won't be getting a car loan again for at least a year or two.
I want to spend the next year just being debt free and building up an emergency fund, letting the mortgage and the one credit card build up our credit scores again.

I can't speak for everyone, but I have learned my lesson!!!!!!!

By the way, you mentioned Suze Orman, have you ever listened to Dave Ramsay? I don't know much about him, but he on the radio in the afternoons on my way home. Sometimes he is a little extreme (he believes in NO credit at all...zilch. nada. none). But alot of his advice is really good!

[FraggleRock]

Ramsay believe in paying God.......

[Jman30]

Ramsay believe in paying God.......

Oh does he? Like I said, I've only heard him a few times on the radio. The few things I have heard him say have made sense, but I haven't gotten into his show much.

[helpless]

Jman, are you in the northern district of ohio or southern district. I am in the southern district and find it interesting that you still only had to pay back 11%, We are at 23% and 16 months into the process, I would love to buy out early but am afraid that we will have to pay the whole 100%. Lucky you, good luck.

[Jman30]

Jman, are you in the northern district of ohio or southern district. I am in the southern district and find it interesting that you still only had to pay back 11%, We are at 23% and 16 months into the process, I would love to buy out early but am afraid that we will have to pay the whole 100%. Lucky you, good luck.

Helpless, yes, I am in the Southern District of Ohio. We filed in the Dayton Court. Don't take my word on paying back only 11%.....when I got the payoff amount, I tied it back to what I saw on the NDC site and I am PRETTY SURE about only paying back the 11% on unsecured, but not totally positive.

You can send me a PM if you want the name of of the lender I went through who was GREAT or if you want more details.