Question on filing after getting approved for loan mod

[anmartin31]

My husband and I will be filing CH7, we just heard from Fannie Mae yesterday that we were approved for a loan mod and we would be put on a 3 month payment plan and then on Oct 1st the modfication would start. We had originally planned to file CH7 in July but from what I have heard its best to hold off until after the 3 month payment plan, is this correct?
Also, as we are on my husbands income we had to choose between keeping the house and our one and only car. The truck payment was $660 a month and combined with the gas we were spending over $1100 a month which we cannot afford. If we have to file in Oct would it be best to keep paying on the truck or do we stop paying now. I dont know what the time frame is for Toyota to repo the truck. Also, if we stop paying the truck now we will still be carrying the insurance until its repo-ed and will have the gas expenses, can they be included in our means test expenses? We may be able to get help from my inlaws with borrowing a car once the truck is repo-ed, is this frowned upon by trustess - I read in a previous post on this board that someone wouldnt recommend it. I dont have any other option than to accept their help. TIA

[JRScott]

If you miss 2 payments they could start repossession procedures.

Waiting until after the loan mod kicks in could be the best solution as it is new you might want to ask a lawyer to be sure.

[mmenz22779]

let the truck go, keep the 1100 and use it for better things, and remember most mods are only temporary, such in my case it would only drop my payment by 1/2 for 5 years then it goes back to normal. So i decied that it was not in my best intrest as I would rather let it go and start fresh with a house payment much cheaper, instead of "HOPING" that things will be better in 5 years.

If you cannot afford the house payment now then dont set your self up for another fall 5 years from now.

Houses are nearly 1/2 the price they were 2 years ago. I owe 540k on my house and 2 houses down the same exact model (track home) is going for 300k

so I feel most mods are useless, and i think most of time it delays the inevitable. Only if you can get a principal reduction then that might be worth it.