If we're making $150K a year - so pretty sure we'll be in a 100% plan. Live in VA, but investmt property in FLA has to be let go - can't rent, can't sell, needs lots of $$ just to get it ready. With only $20K in credit card debt, and combined $700/mo in car pmts - also primary home worth $340K, with 1st Mtg of $400K ($389K owed), and 2nd Mtg of $50K. A couple timeshare pmts as well (combined $250/mo) which I'd let go in a heart beat.

One of the cars is blue booking at $10K but owe $19K. Dec '09 will make 2.5 years from original purchase, but refinanced since then with a different company.

ASSUMPTIONS: (1) I will be in 100% plan because of income. (2) I could lien strip the second mtg on primary (and maybe cram down the car) - but it all becomes unsecured debt in a 100% plan - paying everything anyway with megahuge pmts in the 100% 60 month plan. (3) I could shake the investment property and the timeshares in the CH13. (4) I could pay off the credit cards in the 60 month plan less interest - (100% of everything).

QUESTIONS: (1) Are my assumptions correct? (2) The primary mtg company sent me a form to modify my loan. I am in a 7.5% ARM which matures Oct '10. They own both the 1st and second mortgage notes. I would like to ask them to lock in the ARM. Wonder if I could ask for a lower rate, and should I try to combine both loans into one? (Then I would never be able to lien strip) - wonder if they know that, and it is leverage for me (for lack of a better term) to get a lower rate? They contacted me on a modification (unusual).

Just to shake the investment home and timeshares, then lock in a rate on primary, and pay off credit cards in 60 months would be a big help.

Am I thinking right?