341 meeting set

[debtmonster]

As kejac says, you never get to that point...you can't log in to your account at all. It either tells you you're blocked from accessing your account, which is pretty scary if you're not expecting it, or it just acts like it's never heard of you, which is worse!

I would be slamming my fist HARD if all of my money was blocked. I would literally starve to death if they withheld my direct deposit in limbo like that.

[halloweendmb1]

I don't agree with having a cc for an emergency, the last thing we need to do in an emergency is go deeper in debt. Do it the old fashion way save save save
Just my 2 cents

[WoodSprite]

I would be slamming my fist HARD if all of my money was blocked. I would literally starve to death if they withheld my direct deposit in limbo like that.

Actually, I'm talking about being blocked from PAYING accounts. I can see how you misunderstood...it's almost impossible to imagine a creditor not allowing you to make a payment!

[debtmonster]

Actually, I'm talking about being blocked from PAYING accounts. I can see how you misunderstood...it's almost impossible to imagine a creditor not allowing you to make a payment!

I thought you meant logging into my checking account.

[debtmonster]

I don't agree with having a cc for an emergency, the last thing we need to do in an emergency is go deeper in debt. Do it the old fashion way save save save
Just my 2 cents

I agree 100% with this! That's exactly what I want to start doing if I can ever qualify for a Ch. 7. I owe like $150k in debt that I want to flush.

[Keebler]

As kejac says, you never get to that point...you can't log in to your account at all. It either tells you you're blocked from accessing your account, which is pretty scary if you're not expecting it, or it just acts like it's never heard of you, which is worse!

There's an important difference that I'm not sure everyone is grasping. It all depends which account you're logging on to and why.

If you expect to log on to your account for your mortgage and initiate a payment, it's reasonable for you to be blocked. Why? The transaction to withdraw the payment is initiated by your mortgage holder and they aren't willing to do this during bankruptcy because they're the one actively taking money away from you.

On the other hand, if you log on to your checking account and use it to send a payment over to the mortgage company, the transaction is initiated by your bank and doesn't involve the mortgage company taking money from your account. In this regard, this transaction involves your bank giving money to the mortgage company.

The difference between the mortgage company taking your money and the bank giving your money makes all the difference in the world even though the end result is completely the same. The secret is understanding which company initiated the transaction.

[debtmonster]

That's exactly what I do. I never log into the company doing the mortgage. I always log into my checking account and push the transaction from there when I see that I have money in the account to cover the transaction.

I like not writing checks because whatever balance I see in my checking account is what I have. There's no guess work wondering if I have $1,000 today, are there 3 or 4 checks floating that have not cleared yet.

[kejac]

Mortgage paid, had to initiate payment thru our bank.
Thanks keebler

[happy_ira]

Hey Arkien,
I am in almost the same boat. I just sent you a PM to ask you some questions.
Thanks,

My mortgage company would not accept online payments in any form while I was in an active bankruptcy. Had to mail the payment every month, and to a different address to boot. Perhaps your company is the same way( mine started as WaMu, but was sold to WellsFargo- was the same way with both)

WOW - this thread is fascinating. Coul dyou folks post any additional info here? I bet it would be helpful to many.

I am in a similar boat--just discovered this about an hour ago when I got the mail! I have a mortgage with Wells Fargo, and I got a letter today that looks like a regular statement, but on top it says "FOR INFORMATIONAL PUPORSES ONLY... we are not trying to collect a debt...." However, I am indeed reaffirming my mortgage (and claiming homestead exemption) because my massive family needs a place to live.

In any event, what's the best way to make a payment and ensure it is accepted?

[Keebler]

WOW - this thread is fascinating. Coul dyou folks post any additional info here? I bet it would be helpful to many.

I am in a similar boat--just discovered this about an hour ago when I got the mail! I have a mortgage with Wells Fargo, and I got a letter today that looks like a regular statement, but on top it says "FOR INFORMATIONAL PUPORSES ONLY... we are not trying to collect a debt...." However, I am indeed reaffirming my mortgage (and claiming homestead exemption) because my massive family needs a place to live.

In any event, what's the best way to make a payment and ensure it is accepted?

The foolproof way is to talk to your lender and see what they require to accept your payment.

The solution that works for most is to use your bank's bill-pay service to "push" a payment over to the mortgage company.

The solution that is nearly universally unacceptable is to use your mortgage company's service to debit a payment from your bank account.

[debtmonster]

See! My threads can help somebody else.

Why are people keeping their mortgages? Why not walk away and buy a cheaper house since all of the homes have tanked? People seem to be able to afford $250-400k homes all day long. How much money do these people earn per year? The most we ever seemed to make was $80k and that was only for a brief period of time. It boggles my mind how the median income for my state is $50,000. That means that the median house should be $150,000. Why are the average homes $300,000 to $400,000 in Dade and Broward if this is the case?

[Mi Bankruptcy]

I am on the other end for mortgages. I financed it at 100% and I make almost 20K more than when I bought my home. I purchased it for 75K. I have made all my payments for my home and made them on time for nearly 8 years. My credit wasn't the best when I bought it. However, the broker thought I was crazy when I opeted for a higher interest rate rather than adjustable rate....lol.. one of the best financial decisions I made.

However, buying my house when I only made 33K a year forced us to use CC when things broke.. vehicles, hot water heaters, washer, dryer, transmissions etc.

After 8 years being in my home.. The bottom fell out and we are paying 25K in credit card debt and living paycheck to paycheck.. In the end( still pending) the payment I make on the credit card(s) we would have to turn right back around and make food and fuel purchase on our almost maxed out card(s)

[debtmonster]

You may be making $20k more, but the cost of everything has skyrocketed since then. Whatever happened to the days of buying a gallon of milk for $2 bucks? The local store here wants $5. That means my dollar is now worth less than $.50 cents for the same thing.

It would be so awesome in inflation was illegal. When my father was in his early 20's, his first house was $20,000. He used to make $10/hr. working as a mechanic back in the early 1970's. This is not fair that people today do not have the same opportunity that he did then. People making $10/hr. today are so broke, it's not even funny. There's no way to live on that now unless you have a bunch of roommate, live in a trailer, are homeless or other bad alternatives. The idea of owning a home and having a new or late model car are out of the question. $1600/mo. gross is a joke today when most 2 bedroom apartments in South Florida cost $1100-1200/mo. now. There's nothing left to eat! Jobs should all be paying $80k to start just so we can afford to live.

[Never_Again]

Some people, like me, hang on to their houses and mortgages because their houses have NOT tanked. If you have owned your house for 9 years, like us, you have still seen some considerable appreciation in your house.

I have close to $90K in equity, that is protected by my state's homestead laws. I need a place to live... a good reason to keep the house.

I received a letter from my mortgage company (First Horizon). They said that if I had any questions about my mortgage, that I or my lawyer should call them. If I was "contractually current," I would not receive a normal statement, but would receive an "informational notice" after the 18th of the month. I think that it is the 18th because the deadline for payment is the 15th before a late charge. If you are not "contractually current," you will NOT receive a statement.

They give another address to mail payments to. They also offer "just in time" payments by phone, and Western Union quick collect.

I did give a quick call and left a message, letting them know that I was re-affirming my mortgage, and that they would have a payment by the 10th of the month. Had a couple of cash flow issues this month that should be ironed out with no problem... still well within the 15 days before a late fee is charged.

All in all, doesn't seem like a big deal. Everyone just steps carefully to make certain that they are not violating the automatic stay, and that the payments you send in are completely voluntary, and not "collected" by them in any way.

[debtmonster]

I could not afford a home 9 years ago. My credit was terrible then and I just started a job, that I eventually got downsized from a year later. I will never have the same opportunities that people who bought their houses in the 1990's did. To get a good deal, you had to buy a house prior to 2003. Even with the foreclosures and cheaper homes, I still cannot afford a $300,000 home. What happened to all of the new $100,000 homes that they used to have? My mom's house was $95,000 and it was 1 year old. 1800 sq. ft. with a 2 car garage, vaulted ceilings and 1/2 acre property in NW Miami.

I want those same deals!!! This is not fair to the rest of us that we cannot get the same deals that people did in the past. We are entitled to what other people had. Fair is fair!