Here We Go Again :-(

[want2save]

Moving along, I've got my discharge. I called Bank of America (formerly Countrywide) to ask for online access to my mortgage and HELOC. I was told that even though I was discharged they were waiting for an order from the court statiing the case was CLOSED. All 3 credit reports show the mortgages as current and satisfactory and are not included in bankruptcy. My home was an exempt asset.

So, I emailed my reverse mortgage lender and told him perhaps we should not go through Bank of America with their attitude. (B of A and Met Life have the best fixed reverse mortgages available.) His response was that he would talk to the underwriters of both companies tomorrow and report back. Everything I can find in research says a chapter 7 must be DISCHARGED to get a reverse mortgage. There is no mention anywhere of closing. BUT, how many asset Chapter 7s are there????? I don't think my loan officer has run across this before. :-(

For those of you interested, effective tomorrow, SEPT 30th, the amount of prinicpal you can take out on a reverse mortgage is being reduced by 10%. The fees stay the same! One more example of our government.......the banks are to big to fail but the little guy, particuarly seniors, are too small to succeed. Yes, I'm freaked out................Will report in after I get the answers.

[AngelinaCatHub]

What a bummer.

I am so sorry for you. But, never fear, Obammy's here. "Yes he can"! Ef it up. 'Hub

[LimpDisc]

What a bummer.

I am so sorry for you. But, never fear, Obammy's here. "Yes he can"! Ef it up. 'Hub

Like any politician is any different than the next. Democrats or Republicans, neither side of the isle is looking out for the little guy. All both sides care about is special interests!!!

[LSUTiger32]

Hope it all works out for you W2S!

[momisery]

Man do I agree with you... I get so tired of the shots back and forth the partyline aisles when the majority know that these mess we are in now was not ALL created by Obama, Bush, Clinton, Bush, Regan.... etc. We are in this mess because for decades they have exported our jobs which would be mostly carter and everyone since then, , given amnesty which would be Regan and everyone since then, exploitd us over healthcare both parties again since Carter, the whole mess is we have a corrupt government. And until people lay down the party line tone and form a grass roots effort to start a new party made up of honest taxpaying hardworking Americans we will never get anything done. McCain/Palin would have been just as bad, believe I lived in AZ for over 20 years not a great place since their schools are 50th in the nation is that a goal you really want to aim for people? McCain also cheated on his first wife when she was in a wheelchair with his current QUEEN of BUSH BEER.. geesh... No one that runs from those parties are worth voting for ... we need something new instead of the same ole fights.

[frogger]

But, never fear, Obammy's here.

'Hub

Never fear indeed. I had a bum asking to "borrow" some change the other day and told him that change was here. He would need to contact Obama to see where his was.

[pookieny]

Like any politician is any different than the next. Democrats or Republicans, neither side of the isle is looking out for the little guy. All both sides care about is special interests!!!

That's what I say! A friend of mine always wants to engage in political discussions especially Obama vs McCain last year and I just look at her to try and shut her up and say "you do realize they're both playing for the same side, don't you?" Them against us!

[whipster1]

Thanks for the reverse mortgage info, my elderly parents are starting the process now.

[want2save]

Good update!! I have still not heard back from my lender re: discharge vs closing, but it may not matter! :-) Tomorrow morning the auctioneer is picking up my motor home and auctions are held every week. There is no reserve, sales to the highest bidder and the paper work could take a max of 4 to 5 weeks. No big deal. AND, the trustee just sold me my car for a very fair price. 22 days must elaspe and then I can pay for it. The last day for creditorrs to file their claims is Oct 23rd, so it appears that monies could be collected, dispursed and the trustees final report done and the case CLOSED before my reverse mortgage commitment would expire, which I was told is four months. After all my worrying, this may be OKAY!!! HAMSTER DANCE!!!!!!!!!!!!!!!!!!!!!!

[Never_Again]

Momisery...

Do you really think that all of the problems can be blamed on all of the presidents, or should they be blamed on people's desire to have everything now and pay for it later?

Socialism (might as well call it what it is) will not solve anything. Free enterprise works, when it is left alone to work. When everyone messes with it, and calls it free enterprise, is when we have a problem!