Can Tste make us do a 7?

[2muchinDebt]

Don't know if that makes sense or not. We qualify either way. We've been at this since Nov. 08. We waited to file to see if bank would give us a modification. We were just approved for a Perm. Mod. yesterday. Once that's signed & done we want to file right away.

Our new payment is the same as the old payment except it's at a fixed rate and it's waterfalled. Yr 1-5 3.25%, Yr 6 4% and Yr 7-29 4.75%

We were going to file Ch 13 if we got the mod., but because the payment is the same and income hasn't changed (and I can't find a job...yet) I don't see how we can afford ANY payment.

Both cars are paid off. 1 is worth maybe $2000 the other $2500. We have a DIsney timeshare we've been trying to sell to get Dh a used car because the POS he does have we just had to put a new transmission in No other luxury items. No $$ in bank, no savings, only $5k in a 401K (all that's left)
need a new water treatment system (about $2500 to $4000k) ours is broke and we have acidic water with too much iron-well is 450 feet deep..been buying jugs of water to cook with and drink..toilets are orange, grout is turning orange, clothes are starting to slightly turn, etc.......and dyer is not working properly and is 10 yrs old so need a new one of those.

Don't see how we can pay anything to a Ch 13. We WANT to keep the house. Can the judge or trustee make us file Ch 7 and force us to get rid of the house? Can we reaffirm the house and then do a CH 7? I don't really want to a CH 7 in case DH were to lose his job for some reason (not that it's in jeopardy)..never know these days.

[BobMango]

I'm not following why you don't want to do a Chapter 7. Are you behind on the house payments? If the loan modification you were approved for will bring you current why not file Chapter 7, then retain and pay on the mortgage? If you are current when you file you should be able to keep the house. Getting the loan modification before filing is not the same as reaffirming the loan.

What you don't want to do is reaffirm your mortgage after filing, especially if your are worried about your husband losing his job. The bankruptcy will get rid of your mortgage obligation unless you reaffirm.

[2muchinDebt]

They rolled in the 2 late payments into the new modified loan so we were told. Our 1st payment is due Feb. 1st. The paperwork should arrive Monday and we'll have to read through it. We had a HELOC, but they charged it off so what happens to the lien on that? That's why we were going to do a CH 13..to strip the lean and wipe out the HELOC.

We're over the median income some, but should still be able to qualify for a 7. But if the HELOC was charged off couldn't it now be included in a CH 7?

So were you saying we could do a "ride through?"

[klandsb]

When u say the HELOC was charged off I am not sure what u mean ??? I am thinking if it still has a lien included on it U are still responsible for it. I may be missing something here ???? All my credit cards are charged off on paper per say but I still owe the money ..

[2muchinDebt]

klandsb......we still owe $$ even though the HELOC was charged off, but Chase sold the loan to a bottom feeder. We want to get rid of that debt (which is why were were filing a CH 13) I am not sure where the lien stands on that though.

Before...if we filed Ch 7..we'd be stuck with the $47k for the HELOC...so we were going to file Ch 13 to get rid of it.

NOW... since we were approved for a Perm. Mod., will be current and the HELOC was charged off to someone else do we still need to do a Ch13 to strip the lien and $$ or is it unsecured debt w/no lien attached anymore and can be wiped out in a Ch 7 like the others?

If we did a CH 13 and have no assets and negative DMI can we be forced into a Ch 7 or do we just have a no pay Ch 13?