This forum has been a tremdous help through our bk journey and I am just seeking opinion as we have been trying to do the right thing and I think we should just walk.
Filed Chap 7 in 2009 and discharged in 9/2010; did not reaffirm the mortgage. We had truly hoped to obtain a modification. In the fall of 2010 we were about $30,000 underwater. That was when we made the 1st contact to modify with Aurora Loan Services. Our loan in an option ARM. It is about to reset from the current 6.87% interest we have had for the last 5 years in Jan to every 6 month adjustment tied to LIBOR rate. We have not been able to pay the 30 year amount and the minimum payment just increases the amount of the mortgage. We were denied the first request for modification in March 2011. We then went through a national consumer advocate group (NACA), with no success. We most recently tried through another advocate group. Again, denied. They say we have sufficient assets. Since we only have $2000 in a bank account I asked what the assets were and was told HUB's 401K. He is 60 I am 55. 401K just recently dropped from $145,000 and 2 loans against it to $130,00. Are they kidding? We are also still paying Parent Plus Student Loans and our homeowners insurance doubled this year apparently now due to BK. I am tired of it all and think we should move on, plus the house is now only worth about $70,000 so we are further underwater and there have been 3 sheriff's sales on our block with houses selling for even less. Hub wants to try and make it work and says it is hard to leave the house where we raised our kids. I would like to have a bit of a retirement however small that is. Sorry this is so long, I think I am venting as well as soliciting opionions.
Filed Chap 7 in 2009 and discharged in 9/2010; did not reaffirm the mortgage. We had truly hoped to obtain a modification. In the fall of 2010 we were about $30,000 underwater. That was when we made the 1st contact to modify with Aurora Loan Services. Our loan in an option ARM. It is about to reset from the current 6.87% interest we have had for the last 5 years in Jan to every 6 month adjustment tied to LIBOR rate. We have not been able to pay the 30 year amount and the minimum payment just increases the amount of the mortgage. We were denied the first request for modification in March 2011. We then went through a national consumer advocate group (NACA), with no success. We most recently tried through another advocate group. Again, denied. They say we have sufficient assets. Since we only have $2000 in a bank account I asked what the assets were and was told HUB's 401K. He is 60 I am 55. 401K just recently dropped from $145,000 and 2 loans against it to $130,00. Are they kidding? We are also still paying Parent Plus Student Loans and our homeowners insurance doubled this year apparently now due to BK. I am tired of it all and think we should move on, plus the house is now only worth about $70,000 so we are further underwater and there have been 3 sheriff's sales on our block with houses selling for even less. Hub wants to try and make it work and says it is hard to leave the house where we raised our kids. I would like to have a bit of a retirement however small that is. Sorry this is so long, I think I am venting as well as soliciting opionions.
Comment