Orignally my husband and I thought we would be filing ch. 13, now I am hoping that perhaps could do ch. 7 instead. Trying to decide which direction to go and what steps to take to get there. Met with 1 lawyer last week- very confusing as I was meeting with him regarding a FDCPA violation and he kind of broadsided us with th bk idea. A little about our situation:
My husband was unemployed 4 of the last 6 months (now currently employed).
We did the means test on our own online and are under by a few hundred dollars. I normally only work PT, but I worked FT + while my husband was out to try to make up some of the difference. I am now back to PT, so I don't think our income will be any greater if we wait a few months to file anything.
We are about 10K behind on first mortgage- currently waiting to see if we can do a loan mode. ALS is the bank- I haven't heard positive things about people getting a loan mod with them- it's all a mess with paperwork being lost and requested 500 times.
We were a few months behind on the 2nd mortgage- unbeknownst to us the bank (USAA) filed an insurance claim on it and it was granted. So now United Guranty has our 2nd mortgage. We made an arrangement to pay a higher monthly payment for the next 6 months to catch up on what we were behind on and then payments would go down after that.
We have approx $30k in cc/unsecured debt.
We have payment arrangements on 2 cc accounts and our past HOA dues.
Our house is most likely NOT worth more than what we owe on the first mortgage.
From the research I have done, it seems like we can't really (or it's not a good idea) to file Ch. 7 if we are behind on the first mortgage.
Should we wait to see if they can do a loan mod before we consider filing bk at all?
Should we stop paying the cc arrangements, 2nd mortgage and the HOA to try to catch up on the first mortgage and then try to file Ch. 7? I am just worried that then they would quickly get an order for garnishment or freezing our bank accounts before we would get caught up on the 1st and be able to file Ch. 7. The arrangements we have are lawfirms/creditors that either already obtained judgement or a stipulated judgement.
We do plan on meeting with 1-2 other lawyers in the very near future.
Thanks so much for your help! I have learned so much already in the past week of being here.
My husband was unemployed 4 of the last 6 months (now currently employed).
We did the means test on our own online and are under by a few hundred dollars. I normally only work PT, but I worked FT + while my husband was out to try to make up some of the difference. I am now back to PT, so I don't think our income will be any greater if we wait a few months to file anything.
We are about 10K behind on first mortgage- currently waiting to see if we can do a loan mode. ALS is the bank- I haven't heard positive things about people getting a loan mod with them- it's all a mess with paperwork being lost and requested 500 times.
We were a few months behind on the 2nd mortgage- unbeknownst to us the bank (USAA) filed an insurance claim on it and it was granted. So now United Guranty has our 2nd mortgage. We made an arrangement to pay a higher monthly payment for the next 6 months to catch up on what we were behind on and then payments would go down after that.
We have approx $30k in cc/unsecured debt.
We have payment arrangements on 2 cc accounts and our past HOA dues.
Our house is most likely NOT worth more than what we owe on the first mortgage.
From the research I have done, it seems like we can't really (or it's not a good idea) to file Ch. 7 if we are behind on the first mortgage.
Should we wait to see if they can do a loan mod before we consider filing bk at all?
Should we stop paying the cc arrangements, 2nd mortgage and the HOA to try to catch up on the first mortgage and then try to file Ch. 7? I am just worried that then they would quickly get an order for garnishment or freezing our bank accounts before we would get caught up on the 1st and be able to file Ch. 7. The arrangements we have are lawfirms/creditors that either already obtained judgement or a stipulated judgement.
We do plan on meeting with 1-2 other lawyers in the very near future.
Thanks so much for your help! I have learned so much already in the past week of being here.
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