D*I*S*C*H*A*R*G*E*D !!!!!!! (and a couple questions)

[cfgdag]

YAY. I couldn't be happier. I looked on Pacer at lunch...and still nothing, as of 80 days. I thought, what the hay, check again before going home and BOOM...there it was "DISCHARGED".

I am so happy to FINALLY have all the stress behind us. We are living cash only and are so happy with it this way, and we have a nice chunk of money already stashed away.

1. So, here is a question. We quit paying our mortgage in November. We rec'd a letter last week from mortgage company telling us we are behind and if we do not pay they will turn to their attorney to do a relief from stay (but of course since we are discharged they can't now). We DID NOT reaffirm our mortgage. We are sure we will be booted in time but would love to try to attempt a modification (I guess to buy some time to save money, although if the deal was sweet enough we would consider). Should I call the mortgage company and inquire about a modification -or- wait till we get NOD? Will they contact me anymore regarding late payments (since it was discharged) or will they go straight to the NOD? And if we wait till NOD, will it be too late to request a modification? Will they even talk to us with a BK?

2. And my second question. Since we have some cash saved up (at home stashed away) would it be okay to open a savings account and put it in a bank?

[LimpDisc]

Congrats on the discharge!!!

I would contact the mortgage company about a modification if I wanted to keep the home.

Not sure how much cash you're talking about, but I'd be in no hurry to put it in a savings account.

[AngelinaCat]

CONGRATULATIONS!!!!! A great start to the magical week between Merry Christmas and Happy New Year! Here you go:

http://video.google.com/videoplay?docid=-3894301868978665655#

[killinstinct]

Congratulations!!!!

[SPalin]

Congratulations on your discharge!!!!

It cannot hurt to see about a loan modification, but since your discharged the bank may or may not to be inclined to do one. It will depended upon the Bank and also where your located and the number of foreclosures they are caring.

I opened an Ally Bank high yield savings account (currently 1.55%) before my 341. My attorney suggested to open a savings account and put my mortgage and cc payments into it, so I will have money to move when the Bank forecloses. I have not made a payment since July and now have a nice little savings, something that was nearly impossible before filing. I can move into a better newer home and the rent is less than my mortgage payment! Unless Chase lowers the principle balance, which is highly doubtful!

[cfgdag]

So far, saving for a few months, we have 5K saved. I hate that it is sitting in the house. I keep thinking "what if the house burns down" . But I wasn't sure if it should be put in a bank right now. I have a checking account with a small bank so I may open a savings and start putting some in. I figure since I have been discharged and it's with a bank I didn't bk on, I should be safe.....

SPalin....I see you have Chase (my mortgage co too), have they contacted you regarding any of your missed payments, since it's been since July that you've paid or have they been quiet?

[AngelinaCatHub]

So far, saving for a few months, we have 5K saved. I hate that it is sitting in the house. I keep thinking "what if the house burns down" . But I wasn't sure if it should be put in a bank right now. I have a checking account with a small bank so I may open a savings and start putting some in. I figure since I have been discharged and it's with a bank I didn't bk on, I should be safe.....

SPalin....I see you have Chase (my mortgage co too), have they contacted you regarding any of your missed payments, since it's been since July that you've paid or have they been quiet?

Most anything you do (legal that is. LOL) is fine after your discharge. However, I would filter that in slowly to your account so that there is no chance that any question of fraud comes up. You don't want the Trustee to reopen the case and steal your money, and you cannot afford to defend against a bogus charge.

Also, I believe that even discharged, the mortgage company has to go through the motions of lifting the automatic stay procedurally. Then they can go for foreclosure. What is your intent on the house, keeping or let go? 'Hub

[cfgdag]

I would LOVE LOVE LOVE to keep my house but that is only IF they will modify it. And, I am pretty certain they won't due to our gross income VS payment amount (28%). But I am going to try anyways.....I figure it can't hurt. Plus we would need a priciple reduction for me to even consider it and I have heard most companies are not offering a principle reduction. So I guess you can say I am trying for a modification for 2 reasons. First reason is to possibly stay in my house. Second reason, is to stay as long as possible and delay foreclosure to save money.

Thank you for your opinion about filtering in the money slow to a savings, I didn't think about that, but it's certainly makes sense!

[debbie42]

We have a locked fireproof box that has most of our 'savings' in it, divided into categories (in envelopes)...we are not in a hurry to give any bank our money after all of this and for me, it helps me have to find the key, unlock it, and really think about what the cash is for before I go spending it...still adjusting to the cash only lifestyle!

Good luck with the attempted loan mod.; I hope they work with you. A few weeks before we were discharged we found out that our mortgage lender, National City, had finally modified our loan to less than 1/2 the original payment -we had already surrendered the house in our bk so we didn't care but it does seem some banks will work with you, def. worth a shot.

[NoMoreCards]

Another option to consider, if you are not comfortable having cash laying around the house...

A safety Deposit box at the bank, as opposed to a savings account.

[cfgdag]

Those are other great suggestions. I may open a small savings account but keep money at home in a safe, too (will have to buy one). Since savings accounts don't pay squat for interest right now there is no difference of it just sitting at home in a safe. And, I like looking at all that money whenever I want. In 11 years or marriage this is the most cash we have saved and I LOVE counting it! For some reason it just seems different to hold the cash vs seeing a number on a bank statement

[JRScott]

Congrats

Depending on your state law foreclosure could take a year or more, but in some its pretty quick.

Keeping that much cash at home is not safe though really. It might be a good time to at least scout out a bank and open a savings/checking account with the next paycheck.

[aces67]

Congratulations!!! You can put that money in a bank at any time.

[cfgdag]

JRscott....Once I started thinking about all that money at home, even in a safe, what if someone broken in and stole the safe??? We do already have a new checking account we opened a few months back after we filed so I may call them to open a savings. Hubby gets paid on Thursday and his entire check will be for saving so I can just open the account with that money.

I am in Arizona. I know several people where the foreclosures took 8 months to a year to finalize BUT with my luck mine will be quick. Anyone have any input on Arizona foreclosures? From what I understand, we are a non-judicial state with no redemption period.

[good2free]

Congratulations cfgdag,

You are doing exactly what I am thinking right now. I am awaiting discharge and once I get my discharge on 1/19/2010, I am going to try for a loan modification just to buy some time. I am underwater by 100K and if CITI bank is ready to do a second loan modification with principal reduction, I will keep the house. When I am reading your post, I felt so happy. I am thinking exactly like you. Keep it up.

In terms of cash pile, I do not have much under the mattress but will save some money from discharge to foreclosure.

Happy new year.