Help!!! Well Folks, Another Chp13 About To Be Filed..Stop My Forclosure Sale

[Texian]

I have already retained my Attorney, Starting to fill out my paperwork.

My Story:
My home of 10 years is scheduled for Foreclosure sale of 3-6-12. Have been trying a Loan Mod with a 3rd party company for over a month with PNC. Was Unemployed for over a year and half. Just got a full time job (of course with a 9K pay cut) at the end of Dec. For sure PNC is not helpful with the situation since they are only the mortgage servicing now -my lender was National City who went under. Also my husband left our home to "think" at his mommy's house(whatever-it is what it is a mid life crisis)I have 2 girls and now 1 on the way. I had to let a vehicle get repo'd last year while unemployed, oldest daughter was in treatment facilities for most of 2010-2011. I have lots of medical bills, the repo and now 6k in arrears for the home.

Im hoping that the loan mod will go thru or at least they will pull it from the sale before 3-5-12, but as a much needed credit relief anyway and the ultimate stop to the foreclosure and saving my home for my kids and myself I am filing on the 5th anyway. My stress right now is the budget part. My 500.00 beater car is on it's last cylinder and I can not get a tote the note right now if I tried .. the running vehicle is my lifeline for work since I am in sales.

Should I go ahead and budget for a future modest car payment ?
What to budget for the house payment since it is in loan mod review with the underwriter?? The 3rd party Loan Mod company said I would probably get my payments down to $816 from $1088 - should I budget for that?

Any suggestions??? I know ..Im in a world of Crap right now..

[keepsmiling]

Awww Tex... so sorry for all your troubles. Sending (((hugs))) and comfort.
Did you stop paying your unsecureds?
I think you have to put down your current numbers for the mortgage. You have no idea if/when that number will change.
If you can possibly buy a car BEFORE you file, that would be better. Keep reading to see all the people who have done that.

[AngelinaCat]

Read through the Stickies here about Ch13 cases. One of the things you will see mentioned a lot, is the need to have or purchase a vehicle that will carry you through a projected Ch13 5 year plan, without the need of worrying whether it will carry you through that plan reliably. That way, you don't have to face the demise of your old vehicle, and the matter of petitioning your trustee for permission to take on new debt to replace that vehicle, in the middle of your Plan.

I am not a Ch13 guru, but I have gotten this information from reading here. Flamingo, LadyInTheRed, lrprn, and JustBroke, are our resident Ch13 experts.

Good wishes to you!

[catleg]

You need to get down to a car dealer who advertises "Got a job? we will finance you" and get a car this week before you file.
Don't worry about the interest rate it will be reduced in your plan by the trustee (hopefully).
As for the mod, it depends, if your job is going to pay enough that you'll be paying significant money to unsecured creditors you're better off skipping the mod and letting your plan money go to arrears on your mortgage.
However if your disposable income just supports the attorney's fee and car payment in the plan you may want to proceed with the mod which will likely add the arrears to the back end of your mortgage.

[Flamingo]

First you need to weed through the emotions of your situation as I know you want to save your house....you absolutely really need to figure out if you can afford your house because if you go through with a Chapter 13, those mortgage payments do not stop and if you are as strapped as you are right now and there are issues (medical, etc.) as to your children and your hubby, those will not go away and it could all snowball. You need to really go over your entire situation before you take that step to try to save your house because if you cannot afford it, it will all just snowball later. A good BK attorney will bring that also to your attention...have you gone over your situation yet with an attorney?