I was discharged on August 23rd and have been nervous for the last month and a half. But it is now finally over. Thank the Lord. And thank you all.
I was a bit nervous because we had to keep our home during the case to pass the means test. Since we were over the median income by a lot. The only way to pass to means test was to keep making our $4K/mo mortgage payments which was a stretch even after we stopped paying all the credit cards. Yes we bought in 2005 using an adjustable with the first 3 years being neg-am.
Our attorney said we should just let the house foreclose after we received discharge, since we were upside down on the home and values have been dropping like a rock. Plus we were no longer liable for any loses or tax burdens related to the house.
So we actually stopped paying on the house a month before we received discharge. But everything seems to have worked out.
Now to continue the credit repair and on to the next step in our financial journey, foreclosure. We'll be 90 days past due by the end of this month, so I'll be expecting the NOD soon.
I was a bit nervous because we had to keep our home during the case to pass the means test. Since we were over the median income by a lot. The only way to pass to means test was to keep making our $4K/mo mortgage payments which was a stretch even after we stopped paying all the credit cards. Yes we bought in 2005 using an adjustable with the first 3 years being neg-am.
Our attorney said we should just let the house foreclose after we received discharge, since we were upside down on the home and values have been dropping like a rock. Plus we were no longer liable for any loses or tax burdens related to the house.
So we actually stopped paying on the house a month before we received discharge. But everything seems to have worked out.
Now to continue the credit repair and on to the next step in our financial journey, foreclosure. We'll be 90 days past due by the end of this month, so I'll be expecting the NOD soon.
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