In mortgage repayment may file a 13...advice?

[sacredgroove]

I am in Raleigh, NC

I was way behind, denied hamp for no good reason and made a repayment deal with the bank to try and hold on. My arrears were 16k and I paid 8k with 3700/month payments for 5 months to catch up. Well. as soon as I sent in 8k, business dropped like a rock. Prior to making the deal, house was in pre-foreclosure with a sale date of July 15th. After making the deal and sending in money it was "voluntarily dismissed" via the attorney letter I received from them and loan reinstated. I can handle the original payment but the additional $1600/month for the next 5 months will sink me. I can also use a 13 to get a grip on the 50k in CC dent we accrued while wife was out of work and my workload was greatly reduced.

My questions:
As long as file BK prior to sale (or I think in NC even up to 10 days after the sale), my remaining arrears will be put into the repayment plan correct? This would enable me to just go back top normal payments?

I assume since I was so close before, they can crank foreclosure right back up right? No 90 days wait etc?

Can I still get a mod (provided they will ever actually give me one) while in BK?


Any advice is welcome! Thanks!


PS - When in a 13, how much of money do I get to keep for savings, emergencies etc? We make about 75k combined, mortgage is 2100/month and CC/Secured debt is around 65k (mortgage not included it is 304k)

[momofthree]

PS - When in a 13, how much of money do I get to keep for savings, emergencies etc? We make about 75k combined, mortgage is 2100/month and CC/Secured debt is around 65k (mortgage not included it is 304k)

In general, you are allowed to claim the IRS standards for food, transportation, medical expenses, etc. You are also allowed small amounts for entertainment, home maintenance, and other basic living expenses. Generally, you are not allowed to include a "savings" expense unless you are in a very high payback plan.

However, if you learn to live frugally (under your budget), then you should be able to save a fairly good amount of money each month to set aside for emergencies.

[SMinGA]

To add to what Momofthree said - its important before filing ch. 13 to assess your budget so that your plan is appropriate. Think about more than just the day to day (gas & groceries) but the things you need in the course of a year. Then average those out monthly. During the plan, stick to that budget & you should be able to set money aside occasionally to build up for the expenses that are less routine.