Ch 7 Include House while waiting 4 a Mod.?

[chad9162]

chad9162 what do you mean "in the meantime, I'll get a tax write-off?"

Because I'm paying mortgage interest. If I was paying rent I would not get a tax break. Obviously this only works if your mortgage is close to rentals in your area.

[Toby629]

Okay, got it. That makes sense. We checked that out also, rentals for a home our size in our area would be the same amount as what our 1st mortgage payment is. So we figured, even though we owe more than it is worth now on the 1st may as well stay here, forgot that other benefit of being able to use the interest on our taxes every year. Would rather pay the mortgage and get that benefit also than pay the same amount for a rental and not get the tax benefit.

[chad9162]

Okay, got it. That makes sense. We checked that out also, rentals for a home our size in our area would be the same amount as what our 1st mortgage payment is. So we figured, even though we owe more than it is worth now on the 1st may as well stay here, forgot that other benefit of being able to use the interest on our taxes every year. Would rather pay the mortgage and get that benefit also than pay the same amount for a rental and not get the tax benefit.

Exactly...makes no sense to rent when effectively that's what I'm already doing. If I settle AWESOME but if not I'll buy something different. Moving sucks so I'm only going to do it one more time.

[pcn]

See below for a thread that seems to have both sides covered. $2695 seems steep to me. BBB rating of B- could be better. FWIW.

http://www.scam.com/showthread.php?t=117458

[eddiep]

I know there are probable a lot of people out there that are desperate to save their homes and frightened of the process. But I promise you! you do not need to hire somebody to do this for you. You either qualify for a mod or you don't, paying somebody to contact the bank for you is not going to help.