Originally posted by wfjd6030
View Post
-
What does this mean when you say the mortgage will "RESET(s)"? -
Finally got the judge's confirmation. But he sided 50% creditor's objection and 50% our side. The Creditor's objection was that we will be paying off our Chevy Tahoe ($465/month payment) by January 2008. So our disposable income will go up. The judge said that is true, but once that happens, then the creditor should make another motion to object. So my current payments of $700 to the trustee may go up by January 2008. That's IF the creditors go back to the courts and argue it again.
My question now, is IF the creditor comes back, how will they know if I should pay more or not. Do they look at my bank statements? I won't be filing our taxes until Feb/March so our tax returns won't be ready by January. Honestly, I'm already tight each month and the $465 would help with property taxes each month. That's also IF I keep the house. Remember...I've been contemplating about letting the house foreclose. I have 2 years until it resets, so maybe I should wait until then and...I have an idea...what if I impounded my taxes and insurance onto my monthly mortgage payments. That comes to about $800/month. With the $465 from the car payment that will cease in January, and any monies I can scrounge up for the rest, maybe I can save my house. Who knows what the housing situation will be in 2 years, right? I'm reading that the gov't is TRYING to step in to help those that can afford it, but not at the adjustable rate mortgage. I'm still stuck in a rock and a hard place!Comment
-
Bandit - I have an adjustable rate mortgage (ARM) for 5 years. Which means for 5 years it's a fixed rate, and then after that it adjusts according to the economic index. My cap is 11.25%. That's huge on more than a half a million dollar loan!Originally posted by Bandit View PostComment
Comment