Need adavice on my situation.

[bksipak]

I have only one loan and was not able to pay after Nov 09, due to family medical issues. I applied for modification and was given one offer, but that offer was hard for me to sustain due to still ongoing medical issues with my parents. So I did not accept the offer.

In mid May, I received court summons and last week I did a reply to through attorney. My goal has been to get acceptable modification and stay in house as first preference. Issue is that my Gross is barely high enough that I do not qualify for HAMP and on the other hand, I've 5 member family to support + parents with medical conditions. My house is about 60k under water.

With above goal in mind, what you suggest should be my approach from here onward.

1. Is there any way, I can ask for old offer again, now I feel that I should have taken that and work from there onward.

2. Parallel to foreclosure process, I re-sent them HAMP application per instructions, any chances I may qualify for HAMP or any other in-houose offer considering not qualifying criteria? Has people been offered multiple in-house offers?

3. Should I contact HOPE, Office of President, Bank Management at this time to get some offer lineup?

In worst case scenario:
4. Is this right time for me to request a short sale, if so how?
or should I wait for HAMP application response first?

5. Can I simply ask them, how can I become current even if without modification (my concern is that I may not qualify for chapter 7, if loan gets foreclosed).

6. What are chances for deficiency judgment, post-foreclosure if I am not able to clear Means Test and what should do if that happens?

Sorry for long set of questions, as I am concerned about my only home. I have first 80% with WF and paid 20% from life long savings about 5 years ago.

Many thanks.

[bksipak]

Any one?

[avmarathe3]

What are your assets worth compared to the liabilities? What is your gross income and expenses? How much is your equity in the assets. What was the first offer from the lender? Unless we know the above, It is very difficult to respond to your questions.

[ryan]

What bank is it? I know BofA has offered me new mod terms after first denying me.
You should make an effort to reapply anyway. As far as deficiency judgment happening it partly depends on your state laws about recourse or non-recourse.

Personally, I think another factor for you to consider, is that the property is 60K underwater. Is this worth saving, so to speak?

[bksipak]

Servicer is WF and investor is FreddieMac. Loan is on my name only and my spouse

Gross: aprox 8400/ month
Mortgage payment: $2560 (includes principal, interest, insurance, taxes, escrow shortage).
HOA: 125/month
Car payment: 640/month
CC Debt: 23k
Parents support: 500/month
Daycare/education: 600/month
Rest are average house hold expense for a 5 member family.

With all expenses, I am about 600/month negative.

Last mod offer was an in-house and was: 1950/month (including all Mortgage charges) and loan was extended to 40years (old rate 5.4; new rate 5.8), that was keeping me about 150/month negative and I didn't accept it (my bad as I hoped I may get qualified for HAMP).

Now I am wondering how can I get the same offer back?

With being more months behind and now foreclosure cost added since above offer, is this possible that I may now get qualified for HAMP looking at my numbers?

[bksipak]

Completing this sentense:
Home Loan is on my name only and my spouse is self employed (pays W2 to herself). When her income is added to means test, probably will not qualify for ch7 or ch13.

Servicer is WF and investor is FreddieMac. Loan is on my name only and my spouse

[newbie2]

Servicer is WF and investor is FreddieMac. Loan is on my name only and my spouse

Gross: aprox 8400/ month
Mortgage payment: $2560 (includes principal, interest, insurance, taxes, escrow shortage).
HOA: 125/month
Car payment: 640/month
CC Debt: 23k
Parents support: 500/month
Daycare/education: 600/month
Rest are average house hold expense for a 5 member family.

With all expenses, I am about 600/month negative.

Last mod offer was an in-house and was: 1950/month (including all Mortgage charges) and loan was extended to 40years (old rate 5.4; new rate 5.8), that was keeping me about 150/month negative and I didn't accept it (my bad as I hoped I may get qualified for HAMP).

Now I am wondering how can I get the same offer back?

With being more months behind and now foreclosure cost added since above offer, is this possible that I may now get qualified for HAMP looking at my numbers?

I'm not an expert, but it appears that your mortgage payment is already hovering just under the 31% of your gross income. Pick up the phone and call again and see if they can work with you on the original modification that you rejected. Good luck to you.

[StartingOver08]

Completing this sentense:
Home Loan is on my name only and my spouse is self employed (pays W2 to herself). When her income is added to means test, probably will not qualify for ch7 or ch13.

Trying to understand what you are saying: your gross income of $8400.00/mth is just your income alone.

Your wife's income is in addition to your $8400/mth income and it is so large you would not be able to file a Ch 7 OR a Ch 13?

Are all of the household expenses listed in post? Where does your wife's income go?

[bksipak]

For HAMP application, I am not adding spouse income and above figure is just mine alone.

For ch 7 or 13 qualification my spouse income will be average 1500/month may counted added additionally (however she is self employed within a partnership that is in service industry, not much assets). She also has about 30k in her personal bank acct + we do co-own a lot with assessed value around 6k.

Is there any pre-planning that can be done for her self-employment/income that may help in this situation.

Thanks.

[StartingOver08]

I don't know why you think you can't file a Ch 7 or a Ch 13. Even including both incomes you still can file a Ch 7 or Ch 13. What would make the difference is what your disposable monthly income is after all expenses are calculated.

If you want to file a Ch 7, then the DMI should be below $105/mth. Many of us had larger incomes, but the DMI was actually negative. If your DMI is larger than $105/mth, than you may be in a Ch 13. If you are looking to save your home, you might want to file a Ch 13 anyway so you can add in your mortgage arrearage.

There are many posts on how to figure you actual expenses so that your DMI is accurate. The most common mistake is leaving out expenses in your schedules.

What state are you located in? Check www.legalconsumer.com to check your states exemptions.

Part of BK planning is deciding if it is the best thing for you or if there is an alternate that will work. It is hard to tell from your post if you are considering just modification or modification of your mortgage and then a BK. If you speak to several BK attorney's you will get a better idea of your alternatives.