Need some advice -

[IamOld]

You may as well do the mod I think...it may additionally delay things and you certainly then would be able to - I think - claim the mort amount...

Is there any way you can talk to your lawyer then today??? Just to run things by?

[Freddy03]

You may as well do the mod I think...it may additionally delay things and you certainly then would be able to - I think - claim the mort amount...

Is there any way you can talk to your lawyer then today??? Just to run things by?

I left him a message. Hopefully he calls back soon.

[IamOld]

I left him a message. Hopefully he calls back soon.

He will!!!!!!

[Freddy03]

Ok just spoke with my attorney - and he suggested to not make this payment. He will mark on the BK papers the we will pay and stay (or I think he said pay and stay if Mod is approved)?? I should have claified that with him but someone walked in my office.

So I have an appointment with him on the 24th for means test, filling out paperwork and we will file on July 1st (due to dh's bonus he received in Dec).

He said even if WF started the FC process tomorrow I have a min of 8 months in that house without payment. He also said that was very unlikely b/c the house is so much underwater.

Anyone else have anything to chime in with??

Thanks again!!

[sunshinepa]

Alright Freddy. See that wasn't so difficult was it!!!!

[Freddy03]

Alright Freddy. See that wasn't so difficult was it!!!!

Nope but it still makes me feel like I'm gonna cry any min.

I hate not knowing the future...urgh I need a drink!!

[IamOld]

Nope but it still makes me feel like I'm gonna cry any min.

I hate not knowing the future...urgh I need a drink!!

HAHA!!!!! Excellent work Freddy!!! And nice lawyer!!!!

Can we share that drink please?

Great news!!!

[ValleYum]

Ok just spoke with my attorney - and he suggested to not make this payment. He will mark on the BK papers the we will pay and stay (or I think he said pay and stay if Mod is approved)?? I should have claified that with him but someone walked in my office.

So I have an appointment with him on the 24th for means test, filling out paperwork and we will file on July 1st (due to dh's bonus he received in Dec).

He said even if WF started the FC process tomorrow I have a min of 8 months in that house without payment. He also said that was very unlikely b/c the house is so much underwater.

Anyone else have anything to chime in with??

Thanks again!!

Stop paying your HELOC too!

We did exactly what your attorney suggested as far as our SOI (stay and pay pending mod) and the trustee never blinked.

{{{{Hugs}}}} Yay just a couple of weeks and you will be filed!!

[justbroke]

So what the heck moment was WHY??? am I still paying $1650 (not including taxes and insurance) on a crappy 1300 sq foot house in a not so nice neighborhood???

I don't know why? However, you may need that payment in order to qualify to receive a discharge in a Chapter 7. Talk to your attorney. If you "intend" to stay there, you can mark it as such and you can use the cost.

If I placed a stop payment on the payment I just made I could file BK next week. Or should I just wait till next month - not pay mortgage get technically 90 days late, file BK and wait out the FC as long as possible and hope there are good rentals out there in a year or so.

Waiting and saving sounds like a plan! Especially if you are current on your mortgage. Wait, you said you're behind, and they are taking the payments? Interesting! (Unless you have some sort of installment agreement right now.)

Should I wait until I have a mod started? Will that give me more time?

Yes, certainly more time. I personally found it easier to deal with a Modification after I filed! I did not need any "trial" period, just a straight in-house modification. Remember that some modification processing gets halted and canceled upon filing a bankruptcy! They aren't supposed to do this for HAMP/HAFA/<Federal Program of the Week> but they do halt them. So it's best to just wait until you're at the Notice of Default/Acceleration and then file bankruptcy and then the Mod. As a strategy, you can certainly stretch this with some planning!

How difficult would it be to get approved for a rental after BK?

I have had no problems, but I am "well" compensated, have worked for the same employer for 12+ years, and have been in the same industry for 25+ years.

Just relax... planning is a great way to take the edge off. You'll be fine.

[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??????

[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]

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! 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.

[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!"

[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!