Filed yesterday- questions and success on car loan modification

[123ABC]

I officially filed Ch 7 yesterday. I felt a huge relief when I did it. I can now go to the mailbox everyday with out having a panic attack about who is suing me now!!!

First I would like to post that I have succesfully negotiated a loan modification on my car! Yeahhh!!!! I basically called my credit union as a last ditch effort to let them know that since they have not been willing to work with me I was going to have to surrender the car in the BK. All the sudden they were willing to help. They took the 3 months I am behind put it on the end and then they modified the loan to a longer term and took the payment from $575/ month to $346/ month. With the new terms I am now able to keep the car which I am thrilled about because I only owe 6500.00 on it and it only has 50k miles on it.

Next thing is I am wondering about the house. I spoke with U.S. Bank before I filed and let them know I was filing. I have been trying to get my loan modified since april and have been in "review" since then. They explained that now that I have filed the modification will be done during the BK. My problem is I am one month behind and in all reality NEED to use my next paycheck to catch my utilities up to current so I can go on the budget plan with them. That will make my payments the same every month which will allow my budget to balance now that I have a new car payment I can afford. Anybody know what happens in this situation? I know its not normal.

I am hoping that when I come out of this on the other side I will be in a new financial situation. One that does not require meds to cope with

[AngelinaCatHub]

I think you have done a fine job in planning. You might just state to the mortgage holder that since they have decided to modify in the bk, you have decided to stop payment until the modification has occurred (since you can't pay this month anyway) and this may inspire them to get on the stick and help you. 'Hub

[Calthius]

When we filed we were intending on keeping our house. As the 341 meeting got closer we decided maybe it would be in our best interest to let it go and save up for a down payment on another one.

Well once our mortgage company realized that were were thinking about surrendering the house they contacted our attorney and offered a loan modification with a permanent lower interest rate.

When they did this we decided that we would keep the house and signed the reaffirmation agreement they mailed to our attorney.

Our attorney stated that he wished more lenders were like the one that we had because he is always having a hard time getting the lenders to work with his clients.

[debtmonster]

I wonder if my lender will do the same. I have no interest in keeping our house. It's in the boonies away from everything and there's no jobs nearby and there never will be. They can go pound sand.