Debt ratio is too high to do a loan mod, but if we file bk to reduce our debt ratio, we probably won't get the modification!!
HERE IS A RUNDOWN OF OUR SITUATION. SORRY IF IT IS TOO MUCH INFORMATION, JUST DIDN'T WANT TO LEAVE ANYTHING OUT.
We live in Georgia.
We bought our home 2 years ago and put 20% down (owe 192k on a home we purchased for 243).
The mortgage is with our credit union, with whom we also owe 2k on hubbys car whi ch is worth 6k, and we also owe them 8k for a Visa.
We haven't paid our mortgage since 10/08, but entered into a forbearance agreement in June of 09, paying 894.00 monthly instead of the usual 1492. Interestingly, we never actually signed the forbearance papers that they just recently emailed to me. Our payment per this agreement should go back to orig. amt on Dec 1st(unless by some miracle we can get a mod)
Here is the problem: They tried to do a loan mod in May, and our income was too low. We owe 70k in credit cards, so we need to show an income of about 3200 monthly to qualify for the loan mod. The thing is, I didn't want to say to them "Well, the credit cards shouldn't count towards our debt ratio, since we aren't planning to pay them off anyways" since one of the credit cards is to them.
Besides my husbands car that we owe only 1800.00 on, I own a 06 loaded Kia Sedona that I paid cash for with a Settlement from Dow Corning after my mother died from having breast implants (another lonnnng story). The Kelly blue book on this van is around 13k in fair condition, and stupidly, after we moved to GA, I only put it in MY name so I can only use the single exemption on.
We have not hired a lawyer.
I have been summoned by Target national bank for a 8500 CC debt in my name only, I answered the summons within the 30 days, and requested a court date (duh, not sure if I should have done that, but just trying to buy some time)
I make 800.00 monthly p/t as a bookkeeper, my hubby is also self employed, $800.00 monthly guaranteed, and then usually another 800-900 from odd jobs(he is trying to build his business, since he can't seem to land a job in sales-he's applied for hundreds, literally!! So, as you see we cannot afford CH 13.
I don't want to say anything to the cu about possibly filing bk, but don't know what to do. I could fudge our P & L's a little bit to qualify for the loan mod, but dont feel too comfortable with that, either.
OK< so it boils down to the fact that I want it all. I need to keep my home and both cars.
Oh, one other thing, previously the cu offered to give me a loan on the van for around 10k to pay off the Visa that we have with them.
HELP> I'm up to my a-- in alligators!!
HERE IS A RUNDOWN OF OUR SITUATION. SORRY IF IT IS TOO MUCH INFORMATION, JUST DIDN'T WANT TO LEAVE ANYTHING OUT.
We live in Georgia.
We bought our home 2 years ago and put 20% down (owe 192k on a home we purchased for 243).
The mortgage is with our credit union, with whom we also owe 2k on hubbys car whi ch is worth 6k, and we also owe them 8k for a Visa.
We haven't paid our mortgage since 10/08, but entered into a forbearance agreement in June of 09, paying 894.00 monthly instead of the usual 1492. Interestingly, we never actually signed the forbearance papers that they just recently emailed to me. Our payment per this agreement should go back to orig. amt on Dec 1st(unless by some miracle we can get a mod)
Here is the problem: They tried to do a loan mod in May, and our income was too low. We owe 70k in credit cards, so we need to show an income of about 3200 monthly to qualify for the loan mod. The thing is, I didn't want to say to them "Well, the credit cards shouldn't count towards our debt ratio, since we aren't planning to pay them off anyways" since one of the credit cards is to them.
Besides my husbands car that we owe only 1800.00 on, I own a 06 loaded Kia Sedona that I paid cash for with a Settlement from Dow Corning after my mother died from having breast implants (another lonnnng story). The Kelly blue book on this van is around 13k in fair condition, and stupidly, after we moved to GA, I only put it in MY name so I can only use the single exemption on.
We have not hired a lawyer.
I have been summoned by Target national bank for a 8500 CC debt in my name only, I answered the summons within the 30 days, and requested a court date (duh, not sure if I should have done that, but just trying to buy some time)
I make 800.00 monthly p/t as a bookkeeper, my hubby is also self employed, $800.00 monthly guaranteed, and then usually another 800-900 from odd jobs(he is trying to build his business, since he can't seem to land a job in sales-he's applied for hundreds, literally!! So, as you see we cannot afford CH 13.
I don't want to say anything to the cu about possibly filing bk, but don't know what to do. I could fudge our P & L's a little bit to qualify for the loan mod, but dont feel too comfortable with that, either.
OK< so it boils down to the fact that I want it all. I need to keep my home and both cars.
Oh, one other thing, previously the cu offered to give me a loan on the van for around 10k to pay off the Visa that we have with them.
HELP> I'm up to my a-- in alligators!!
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