Need some advice -

[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.

[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!!

[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!!!

[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!!

[sunshinepa]

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

[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!!

[IamOld]

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

He will!!!!!!

[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]

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]

And what about the mod - should I even bother filling that out? Will that stall any FC process?

I wasn't going to actually stop the payment just withdrawl the money out tomorrow and let them have it hit my acct and my bank would reject it.

[sunshinepa]

Don't freak out. When you speak with your attorney, ask him about the mortgage payment issue, that's what you pay them for.

Look at it this way, if you file in July, with a bit of luck you will be debt free by the end of Sept. That alone should give you some incentive to remain sane!!!!!

HANG IN THERE!!!!!

[IamOld]

Freddy I think someone here said that as long as you have the intention of paying you can use it on the means test.

THOUGHT - what if you put a stop on this check, right, and replace it with one for ONE!! payment only. Then you're still paying the mort.....

[Freddy03]

Ok I just spoke with the DH and he said let's stop the payment now and see how long the FC process takes b/c he honestly hates this house and hates that we pay so much each month for it.

I'm starting to freak out!!

I'm nervous that this will put me 90 late on the mortgage and they will start FC ASAP. Now if I stop payment I could file BK on July 1st.

I just left a message for my attorney to go over this with him and to get his opinion on it.

I am still wondering if I will be able to use the $1650 for the means b/c with out that we would be in a 13.

[LadyInTheRed]

I'm just worried about how long we can stay "rent free" to have some type of savings before becoming renters.

I heard on the radio this morning that it is taking an average 900 days in New York, 600 days in Florida and 400 days in California and Nevada to complete the foreclosure process. I assume they were talking about the number of days from default, but they didn't say. There's no guaranty of how long it will take for your house, but it gives you an idea. It seems like you will have plenty of time to save for a large enough deposit to convince a landlord to rent to you, plus have a good sized savings.

[sunshinepa]

I don't know if you can use the payment however, you would still get a housing allowance for sure.