We received our loan mod. It's $3600 a month, including taxes. That does work out to about 31% of our CURRENT income. However, mine will probably drop 15% next year. (I'm on a guarantee that expires)
Chase basically gave us till today to accept it. We owe 17k to them in back payments. Of course, we had to be late to even get a loan mod. The loan mod is a fixed rate, principal loan. Prior, it was interest only. Better loan for sure, buy payments now $200 higher. We do have a second that is $400 a month.
Truth is, without paying any creditors, if you factor in daycare, our payments to the IRS, insurance payments, living expenses, etc, we don't have much left over, if anything. It's expensive to live in So. Cal, period. I know some won't understand, but it is.
Our thought is to file Ch 13, but I have no idea what is even left to pay to a trustee. I really don't think it will be much of anything. I've been told we make too much for a Ch. 7, and we would like to keep our home. (for at least 3 years)
If we can get the 2nd waived somehow, it sure would be a help. We're going to have to file BK of some sort, there's just no way around it.
We're talking to a lawyer on Wed, but I'm just stressed out and not sure what is gonna happen. Haven't taken the means test yet, but we went through our bills, (secured and essentials only, no unsecured) and there's just nothing left!
Chase basically gave us till today to accept it. We owe 17k to them in back payments. Of course, we had to be late to even get a loan mod. The loan mod is a fixed rate, principal loan. Prior, it was interest only. Better loan for sure, buy payments now $200 higher. We do have a second that is $400 a month.
Truth is, without paying any creditors, if you factor in daycare, our payments to the IRS, insurance payments, living expenses, etc, we don't have much left over, if anything. It's expensive to live in So. Cal, period. I know some won't understand, but it is.
Our thought is to file Ch 13, but I have no idea what is even left to pay to a trustee. I really don't think it will be much of anything. I've been told we make too much for a Ch. 7, and we would like to keep our home. (for at least 3 years)
If we can get the 2nd waived somehow, it sure would be a help. We're going to have to file BK of some sort, there's just no way around it.
We're talking to a lawyer on Wed, but I'm just stressed out and not sure what is gonna happen. Haven't taken the means test yet, but we went through our bills, (secured and essentials only, no unsecured) and there's just nothing left!