We had decided a couple months ago to try for a loan mod with GMAC for our 1st mortgage. As of a couple weeks ago we weren't even in the system yet. So it could be months before we actually hear anything. Our payment before a mod is 1050.00 not including 300 for property taxes and insurance that's escrowed in. Our max for a rental home is 1200. So we were thinking if we could at least knock our mortgage payment down 100.00 at least then we could stay in our home. We aren't in love with our home. We mainly wanted to stay because our girls have close friends now. This last year was my 10yr old's 1st full year in school (homeschooled prior to this) and she has several close friendships right now. We have a great district which is important as we have an 8yr old with low functioning Autism. Our 1st mortgage is 159k and our 2nd 40k. Our house is prob worth 150k or so. Not real sure honestly.
Our 2nd was recently bought by the insurance company. They are going to get aggressive to collect this money now. We have many cards in collections right now. We haven't paid cards or mortgages since Nov/Dec 08.
I know that we have to get the mod first and then file in order to even keep our house due to the need to be current. So if we do this then it may be months before we can file. Our judgment was just filed against us for foreclosure on June 3rd. We really need to be established somewhere by the time school starts for the sake of our kids.
I started thinking about the fact that if anything breaks in our house we have to fix it. Windows all need to be replaced. We live next to old people who wince at our non perfectly manicured yard. If our property taxes go up at all our mortgage payment will as well.
Also... our income right now has been about 3600 a month including travel reimbursement for hubby's work. He is able to take advantage of the new GI Bill program and will be getting 1200.00 in non taxable housing allowance each month he is in school. So starting in the fall we will have 1200.00 more in income. We should still be ok as far as the median income goes because we are a family of 6 and the median is $91,560 a year. But... we don't have many expenses. So won't we be pushed into a Chapter 13 even if we fall way under the median of 45k in 6mos?
I just don't think we could hold off waiting for judgments and I just want to file before our income goes up anymore.
There are too many what ifs as far as our house is concerned and as much as I want to stay here for the kids' sakes... I think it's probably not wise and we should just start over. Sigh.
It's really bumming me out.
ETA... also, this will be a way to save/exempt any cash that we have at the time of filing. Since we won't be keeping our home then we can use that 10k unused homestead exemption to save cash right? Right now we have like 4k in savings. Will be able to save another 2k or so before we file. We do have to pay for deposit on rental and then pay to file but I believe we will still end up with some cash in the bank. Will be nice to have that as a safety cushion.
Our 2nd was recently bought by the insurance company. They are going to get aggressive to collect this money now. We have many cards in collections right now. We haven't paid cards or mortgages since Nov/Dec 08.
I know that we have to get the mod first and then file in order to even keep our house due to the need to be current. So if we do this then it may be months before we can file. Our judgment was just filed against us for foreclosure on June 3rd. We really need to be established somewhere by the time school starts for the sake of our kids.
I started thinking about the fact that if anything breaks in our house we have to fix it. Windows all need to be replaced. We live next to old people who wince at our non perfectly manicured yard. If our property taxes go up at all our mortgage payment will as well.
Also... our income right now has been about 3600 a month including travel reimbursement for hubby's work. He is able to take advantage of the new GI Bill program and will be getting 1200.00 in non taxable housing allowance each month he is in school. So starting in the fall we will have 1200.00 more in income. We should still be ok as far as the median income goes because we are a family of 6 and the median is $91,560 a year. But... we don't have many expenses. So won't we be pushed into a Chapter 13 even if we fall way under the median of 45k in 6mos?
I just don't think we could hold off waiting for judgments and I just want to file before our income goes up anymore.
There are too many what ifs as far as our house is concerned and as much as I want to stay here for the kids' sakes... I think it's probably not wise and we should just start over. Sigh.
It's really bumming me out.
ETA... also, this will be a way to save/exempt any cash that we have at the time of filing. Since we won't be keeping our home then we can use that 10k unused homestead exemption to save cash right? Right now we have like 4k in savings. Will be able to save another 2k or so before we file. We do have to pay for deposit on rental and then pay to file but I believe we will still end up with some cash in the bank. Will be nice to have that as a safety cushion.
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