What do you think?

[IBA]

I just found this site what a help...My story is just like most main street america...I have a 1st mortage of 149,000 & a 2nd mortage of 25,000...On a Good day the house might be worth 129,000 -135,000...around 7k in cc dept & two autos payments...My pay has been cut by about 10,000 -13,000 year...I am current on all bills but barely...I have been denied 2x on the Making Homes Affortable program...The strees has just about got the best of us...I am considering going to see a lawyer of some advice...Those that have been throught this what do you recommend? Thanks

[dasmom]

I think you are on the right track with seeing a lawyer. The sooner you consult with a couple of lawyers, the clearer you may feel about your next steps.

best wishes,

dasmom

[LimpDisc]

What are you trying to accomplish? Do you want to keep the house? Chapter 7 or 13 bankruptcy gives you different options. If your house numbers are correct you could do chapter 13 and strip your second mortgage.

Free consultations with lawyers will help you a lot.

This forum is AWESOME to help you with questions on your journey to financial freedom. Lots of great members here.

[Pandora]

Welcome to the forum!

As the PP mentioned, what is it you want to accomplish? Are you over median / under median? You can be over the median and still file CH 7, but there are criteria you have to meet to do so. With HAMP - what was the reason they gave for you not qualifying - are you under 31%? Its hard to get HAMP, but if you're above that 31%, have you tried working with your mortgage company directly for an in-house modification? You need to sit down and go through your income and expenses - what you want to keep and what you can afford to keep are quite different unfortunately.

Sit down and go through everything - if you kept XX as well as if you gave it up. If you cannot meet your obligations currently (or are just getting by) - then you may have to look at letting something go as filing BK will not fix a lack of income issue.

Definitely meet with a few lawyers before you decide, but first and foremost, you need to know what is realistic for the income you have vs. what you want to keep.

[IBA]

Thanks for the info: My yearly pay is around 68,000...I am not so worried about keeping the house at this point...Not sure of what the best plan would be...I have tried working directly with mortgage with no luck at all...The only thing was they did dropped several late payments & add them to end of loan around $300.00...I did speak with someone over phone today about waking on the mortgage...Their cost of advice seems really expensive & are across country...Appointment with lawyer in the morning...I really think the house is more that I can afford on my current pay...(total monthly payment $1200.00 month on 1st & 2nd)...

[IBA]

I met with lawyer today...Gave him the info & spent about 1.5hr with him answering questions...Great meeting...Gave me lots of homework...He did tell me that if we could get an apprisael that showed we was upside down on house he could try & strip the 2nd & do chapter 13...He also asked if I wanted to keep house...That is the big question my wife & I have got to decide...This house might be more that I can afford...It might be time to down size...But I don't think I could buy another house for a long time if we went that way...Still undecided.