We can't pay final discharge amount.... no one will refinance

[planted]

Lawyer says keep paying the monthly payments even though we are beyond the final 5th year payment. Man we need a break though.

Anyway he says we'll just have to see what the court does when we keep making the payments even beyond the 60th month. Other words, we have completed everything but cannot get refinancing to pay the final discharge amount based on our home equity 5 years ago. We had equity then, none now with the downturn.

Lawyer also says to refile another 13. Meaning a refinance sort of in a way...... without interest. Man we need an early discharge not this thing all over again. Getting tired of my physical labor all the time. Full time for 35 yrs now. Sheesh I'm tired all the time. 60 yrs old no equity, no retirement, but, built our own home when young and want to keep it. It means a lot to us. Need a break.... are there any options besides going to a 7 and losing the home we love? Thank you in advance very very much.

I am so tired of no vacations no breaks for so long now

[newbie2]

You're 80 and admittedly exhausted. I understand you love your home, but how much love is there if saving it kills you? You're talking about another Chapter 13 for possibly 5 more years. Do yourself (and your family) a favor. Take care of YOU, work less and let the house go.

[ValleYum]

A house is just windows and walls when it comes down to it all. The memories you made there can follow you anywhere.

A home is where your family is. I am sure you family wants *you* with them at home enjoying your retirement.

Take care of yourself. I wish you the best.

[frogger]

A home is where your family is.

Everyone should remember this. Family = Home.

A few other ways to look at it:

Home is where your heart is.

Home is where you hang your hat.

Home is where you make it.

Many people have a house, few have a home.

Family comes first. Ahead of everybody and everything.

[HHM]

Let's make sure to understand what is going on, your post is a little unclear...

But, it sounds like you were put in a chapter 13 with a low monthly payment and a balloon amount to be paid in month 60, ostensibly to save your house originally? Is that correct and what sort of numbers are we talking about?

The fact is, it appears you have mutually exclusive desire. Keep home, but keeping home means continued back breaking labor, no vacations, contently tired, etc. Or, get rid of home, be DEBT FREE, work less, have more freedom, more money and benefit from your final years. Doesn't sound like you can do both, so you need to pick. As others have said, between the two choices, the house goes.

[planted]

We've paid 500 a month for 60 months. Still owe final equity amount of 28 grand. House is unique, land is private campground like. My shop allows me the latitude to keep working. Just do not want to work so much. Very soon the truck and car are paid off, there's 750 a month gone. With the court deciding to give me a discharge anyway drops another 500 bucks a month. Then I could begin to rest a little. I don't think it's much of a living without my hobby of having some land to keep me busy.

I'm not 80... the work is for young guys that's why I need to slow it down a little at 60. I love the work, very much but need to be able to coast a little.

[HHM]

Bottom line, at some point, the trustee will catch that the balance is not paid. A chapter 13 cannot go for longer than 60 months. Administratively, the case may linger for a few months after the end of the 60 months, but you will probably get a motion to dismiss if you don't pony-up the $28K, and the chapter 13, and that $500 per month payment, will be all for naught.

To be frank, I think you're in a bit of denial about your circumstances and too "emotionally" attached to make an objective decision that would really be in your best interests.

Your choices appear to be
1. Pay $28K to chapter 13 trustee, and get your discharge.
2. Allow case to be dismissed (one way or the other). Now, not having first hand knowledge of your circumstances, so I don't know what the specific consequences will be. But, if case is dismissed, any debt included in the plan gets to go back to day one and add back interest and penalties, (minus payments received from the trustee) and you are back in debt again. If there are mortgage arrears that have not been paid (probably not if you are in month 60), but if unpaid mortgage arrears, you are go back in default on the mortgage and foreclosure eventually begins.
3. Allow case to be dismissed and refile BK, either 13 or 7, which ever makes most sense.

[planted]

No such thing as a free lunch I guess. I got myself into this mess so it seems refiling a 13 would be in my best interest.

My home is not in arrears and neither are the property taxes.

It just seems to me that an understandable discharge would be reasonable since the final payment of 28 grand was set based on my homes equity 5 yrs ago. Now there is none but it's up to the judge and I know they can be like big boulders that don't budge.

Continuing the payment beyond the 5 yrs shows good faith and perhaps will be reciprocated by the court to some degree in my case. I don't think it is throwing money away... they would have to count it toward the pay off or return it. I believe my lawyer to be giving good advice in my case.

Thanks all for your information. I appreciate it very much.