Chapter 7.....over median

[Over our heads]

Keep in mind, to be over the median and still file a chapter 7, you need secured debt payments that exceend the allowables and which are considered reasonable.

I do believe our mortgages are what is allowing us to do a 7. While we are technically upside down in our home, it isn't crazy bad (20k-ish) and it is in the best interest of all 6 of us to stay here. Our second mortgage is considered a predatory loan (so says the lawyer lady) at 14% (bite me ditech).

While the allowable amount is only like 1300 here, we actually pay 2500 a month.

Amazingly enough, our utilities are only like 10$ over the allowables, and that is including our internet, and fancy cable!

We are hopeful that maybe this worthless bailout might actually do something to help people with crappy mortgages, but I'm not going to hold my breath.

[PoorGrammyinBK7]

I do believe our mortgages are what is allowing us to do a 7. While we are technically upside down in our home, it isn't crazy bad (20k-ish) and it is in the best interest of all 6 of us to stay here. Our second mortgage is considered a predatory loan (so says the lawyer lady) at 14% (bite me ditech).

While the allowable amount is only like 1300 here, we actually pay 2500 a month.

Amazingly enough, our utilities are only like 10$ over the allowables, and that is including our internet, and fancy cable!

We are hopeful that maybe this worthless bailout might actually do something to help people with crappy mortgages, but I'm not going to hold my breath.

There was something mentioned about that (a propsal anyway) in last night's debate, when McCain said this:

"I would order the secretary of the Treasury to immediately buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes - at the diminished values of those homes - and let people be able to make those payments and stay in their homes"

He calls his proposal the American Homeownership Resurgence Plan and, as I understand it, it would be allowed by the bailout/rescue plan that has already been adopted.

I don't think it would help those of us who are already in BK or foreclosure though. I was wondering how people feel about that idea. Its the only thing "new" I heard in the debate. I am not sure how I feel about it, as far as fairness to all. But I believe it would help a lot of people who are upside down on their mortgages and maybe it would help to stabilize the housing market.