Need some advice -

[Freddy03]

The mortg. co will assess late fees / penalties I'm sure. Many state "after XX of month payment goes to $XXX", from there I believe it can be a per day fee. Something you need to check on; look at your statements/bill and see what it says (flip it over too if anything is on the reverse) as well as go to their website and read what's what as to late payments.

ETA: It shouldnt matter if they do put fees / penalties in since you plan on renting another house. If however, you decide to stay there (mod approval) then the fees should be tacked onto the end of the note, but I'd fight to get them waived if you end up getting HAMP. In-house mod is a different ball game though... fees will probably stay.

Unless I can get a mod to reduce my payments of $500 or more I would not be staying as it costs me right now - over $2000 a month to stay in this house.

My main concern is the time frame the FC process will take after BK. Right now I have not received any phone calls or letters from the lender even being over 60 days late. I have only been making payments to the home preservation department. My last "true" payment made to them was May 10th.

I did take a look this morning at the county court website and found an attorney who files a lot of FC with WF and tried to get a time line from there. The shortest time I found was 6 months from when the Lis Pendens was filed to sale date. Now I couldn't find any parties that had a BK so I'm nervous on that.

[Pandora]

The mortg. co will assess late fees / penalties I'm sure. Many state "after XX of month payment goes to $XXX", from there I believe it can be a per day fee. Something you need to check on; look at your statements/bill and see what it says (flip it over too if anything is on the reverse) as well as go to their website and read what's what as to late payments.

ETA: It shouldnt matter if they do put fees / penalties in since you plan on renting another house. If however, you decide to stay there (mod approval) then the fees should be tacked onto the end of the note, but I'd fight to get them waived if you end up getting HAMP. In-house mod is a different ball game though... fees will probably stay.

[Freddy03]

Whew! Glad your bank has a "gimme" for first offenses Now just make sure you know how the fee for the other lender will work (if there is one...)

I guess I'll have to pay the 2nd one but I'm ok with that.

Does it matter about the lender since I'm not paying them anymore? Also I have always been late with WF and they have never once charged me any type of late fees.

[Freddy03]

Also because it was set up over the phone the bank couldn't guarantee me that it wouldn't process even with a stop payment so I thought this was a better choice.

[Pandora]

Whew! Glad your bank has a "gimme" for first offenses Now just make sure you know how the fee for the other lender will work (if there is one...)

[tobee43]

Thanks - It costs me $30 in an return item fee and $39 to stop the payment. Also I have never had any return items fees in this account so the bank rep said the first one is on the house..LOL

oh!! good, i was really hoping that was the case!

[Freddy03]

ack freddie - you withdrew the money? You'll be hit with insufficient fund charges by your bank as well as the mortgage co Should've just put a stop payment on it and paid the fee to do that...I'm sure that was much cheaper than overdraft fees hun.

As to the mod paperwork: make sure you know upfront if they're going to require trial payments before they continue to process the paperwork; talk with your attorney how best to proceed with that if thats what they do.

At any rate - I think not paying the mortg. any further is the best scenario for you Hang in there ... it will get better!

Thanks - It costs me $30 in an return item fee and $39 to stop the payment. Also I have never had any return items fees in this account so the bank rep said the first one is on the house..LOL

[catleg]

A stop payment costs money too; however the NSF you will be hit twice since they typically try to redeposit after a day or two.
You can list the bank account debt from NSF's on your chapter 7.
Just make sure you don't have direct deposit into there and open a new bank account someplace else (preferably remote) before you get reported to chexsystems if that happens (never happened to me).

[tobee43]

pandora and i are on the same wave....did you stop payment on the check...( i hope i hope) or ..actually what do you mean by withdrew the money???

also, when we filed the mod loans were not even addressed by our trustee, however, sometimes the trustees now ask to see if you and your bank are working together. i do know people who were in a loan mod...made 3 payments and then quit making the payments....and started the process all over again!!!!! talk about a stall tactic!! but it worked for them for over 2 years!

i agree with pandora, and talk to your atty about what is the best approach to the situation.

[Pandora]

ack freddie - you withdrew the money? You'll be hit with insufficient fund charges by your bank as well as the mortgage co Should've just put a stop payment on it and paid the fee to do that...I'm sure that was much cheaper than overdraft fees hun.

As to the mod paperwork: make sure you know upfront if they're going to require trial payments before they continue to process the paperwork; talk with your attorney how best to proceed with that if thats what they do.

At any rate - I think not paying the mortg. any further is the best scenario for you Hang in there ... it will get better!

[IamOld]

Thanks! Me too!

I kind of felt sick to my stomach today taking the money out. But I guess I have to just go with it and pray for the best.

Ultimately that's all any of us can do!

Stay strong, and stay well!!!

(or as they said in a short lived sci-fi tv show about a decade ago: "breath deep - fly high!"

[Freddy03]

Thanks! Me too!

I kind of felt sick to my stomach today taking the money out. But I guess I have to just go with it and pray for the best.

[tobee43]

THanks everyone for the advice

I withdrew the money today that would have been for my mortgage payment - so when they try to send it thru on Monday it will be rejected by my bank and they would try to send it back again in a few business days. In order for me to file July 1st I had not other choice to do this b/c DH's wages have started to be garnished and July 1st is 6 months after the judgment so they (the judgment creditor) can and will start looking for bank accounts to wipe out. If this were to happend I would be big time screwed.

So as of today I'm techinically 90 days past due on the mortgage. I will call the HELOC on monday and cancel that payment also.

I'm going to send in these mod papers today just to hopefully stall some more time before filling.

Does anyone know that a BK speeds up a FC???

I'm hoping to get at least 10 more months in the house before moving.

Just Tobee - I did find another attorney. Very nice - straight shooter kind of guy. Only does BK by himself. I feel pretty comfortable with him.

great to hear you got a new atty!!!

i do not think the bk speeds up the FC..actually the stay goes into effect. since i have 6 clients which are HOA's around the area, we are finding WE have to call the banks to move on the foreclosures ...so unless you are the exception, to what i have seen with the HOA's i'm doing work for, i think you have at least 10 months..at this point.

the sheer MASS amount of inventory in our area speaks for itself. one would think, at this point, and i'm just talking about where we are, not the entire USA, but, one would think the banks were prefer you staying and taking care of the property then them having to pay someone for upkeep etc. so, i'll be keeping my fingers and toes crossed for you, that it will take at least 10 months or more!!!!

[Freddy03]

THanks everyone for the advice

I withdrew the money today that would have been for my mortgage payment - so when they try to send it thru on Monday it will be rejected by my bank and they would try to send it back again in a few business days. In order for me to file July 1st I had not other choice to do this b/c DH's wages have started to be garnished and July 1st is 6 months after the judgment so they (the judgment creditor) can and will start looking for bank accounts to wipe out. If this were to happend I would be big time screwed.

So as of today I'm techinically 90 days past due on the mortgage. I will call the HELOC on monday and cancel that payment also.

I'm going to send in these mod papers today just to hopefully stall some more time before filling.

Does anyone know that a BK speeds up a FC???

I'm hoping to get at least 10 more months in the house before moving.

Just Tobee - I did find another attorney. Very nice - straight shooter kind of guy. Only does BK by himself. I feel pretty comfortable with him.

[tobee43]

freddy!!! there are a ton of houses around here for rent.. and much cheaper than your paying for your home.

it's taking so long here in florida to foreclosure and you see the signs ..even in our streets here...come RENT!!!! there are so many vacated homes.

here's what i would do, knowing kinda where you are ;).....stop paying the mortgage..asap...(don't know about stopping the payment tho...i would have to think about that a bit more). i would STAY and not pay and begin to look around, pack away the money for a few months....perfect time. you know it's so hot here they can't even rent to tourist! so many of the landlords are desperate, and they will be more so when the school year begins again and the few that were here have left.

we were in loan mod when we rented our home in florida even tho we still were in the new jersey house technically. we were making trips down for the move, but, our credit was basically still in tack and florida although was a mess with the vacated properties, nothing like it is today!!!!! you can grab a rental i'm certain! CASH is KING so i wouldn't even worry so much about that part of it.

now, when we filed here in florida we still used our mortgage payment in our means tests....because we hadn't surrendered the property as yet. so it worked out well.

by the way, i haven't been on that much...BUSY crazy here, but did you get another atty??????