Well, after some research, here's what I think we're gonna do...

[DEBTCHAINS]

Our home loan mod was actually 31% of our income. Chase did their job. I need to realize we make too much money to qualify for something we "want." It is what it is. Truth is, in So. Cal, living in a nice home, paying daycare, having car payments, etc, etc, is expensive. There's no way we can pay any of our unsecured debt. I think we're going to accept the loan mod and file for Ch. 13. If we qualify for a 7 and it makes sense, we'll do it. We love our home and want to stay, but only for a couple more years. We're then considering leaving the state. I think our area is starting to degrade, and I'm not happy with the state's direction. The weather is unreal, but everything else, whatever. So, maybe 3 years in the house, the payments will be a struggle. But, we should be able to do it IF we can get rid of our unsecured debt and strip the 2nd mortgage as well. I think that's our goal right now. We're talking to a lawyer again next week.
Trying to keep a positive outlook here, so scared and just dumbfounded as to how we got here.
Hope everyone had a great Thanksgiving!

[OHBOY]

Good to hear you have a plan lined out.

BTW: yes, SCA weather is 'unreal'...unfortunally so are the earthquakes... (have experienced a couple while living there...).
Also: I think the 'neighborhood' has gone 'done hill' for quite a number of years, when poeple feel that bars on doors & windows is the 'way to go', it's time for me to 'go'... all of course just my opinion...

[overspent]

Did you do it with a no CC payment plan?

DEBTCHAINS:

I am trying to accomplish the same thing you do. However, I had to stop payments on my mortgages (1st and a HELOC) and the Credit cards since no money left. Were you CCards current when you did the mod? I wondering if they can disqualify you for the mod because of other debts?

[DEBTCHAINS]

DEBTCHAINS:

I am trying to accomplish the same thing you do. However, I had to stop payments on my mortgages (1st and a HELOC) and the Credit cards since no money left. Were you CCards current when you did the mod? I wondering if they can disqualify you for the mod because of other debts?

Nope, our cc's are way past due, some have already been charged off. They told us our credit had nothing to do with the loan mod.

[kcfaninin]

DEBTCHAINS,
From what I have been reading, loan mods usually become void once you file. How far are you into the trial payments? We are getting ready to make payment #3 and we were told by Chase that once we file, they can no longer accept payments from us until we are discharged. We can then reapply for the loan mod at that time.

[DEBTCHAINS]

DEBTCHAINS,
From what I have been reading, loan mods usually become void once you file. How far are you into the trial payments? We are getting ready to make payment #3 and we were told by Chase that once we file, they can no longer accept payments from us until we are discharged. We can then reapply for the loan mod at that time.

Chase is really screwed up, I tell you. I've read countless problems from people trying to get loan mods. Lost paperwork, resending same signatures, etc, etc. (all which we experienced.) Just know that most of the people you're talking to are CSR's that dont' know a whole lot.
Our payments were cut to $1300 (including taxes) and were told if we made those for 3 months, we'd be approved and that would be our payment moving forward. Well, that was a complete lie. We made our 3 payments, were then told to keep making that same payment while the loan mod was being worked on. We made 2 more. Loan mod came back, we will be paying $3600 a month. Not really the $1300 we were told. There is nothing in our loan modification paperwork that MENTIONS the work bankruptcy. I've spoken to a lawyer about this, and he says it's ILLEGAL for Chase to pull any loan if we file BK. (if not mentioned in the loan mod paperwork) NOTHING was written about it.

[bulletproof77]

they won't "pull" your loan...They just won't accept your payments..And then all the fun begins...I know, I filed Chapter 7 during a trial loan mod...Seems the one thing BofA IS good at is tracking BK's...

[NEWBIE911]

Our home loan mod was actually 31% of our income. Chase did their job. I need to realize we make too much money to qualify for something we "want." It is what it is. Truth is, in So. Cal, living in a nice home, paying daycare, having car payments, etc, etc, is expensive. There's no way we can pay any of our unsecured debt. I think we're going to accept the loan mod and file for Ch. 13. If we qualify for a 7 and it makes sense, we'll do it. We love our home and want to stay, but only for a couple more years. We're then considering leaving the state. I think our area is starting to degrade, and I'm not happy with the state's direction. The weather is unreal, but everything else, whatever. So, maybe 3 years in the house, the payments will be a struggle. But, we should be able to do it IF we can get rid of our unsecured debt and strip the 2nd mortgage as well. I think that's our goal right now. We're talking to a lawyer again next week.
Trying to keep a positive outlook here, so scared and just dumbfounded as to how we got here.
Hope everyone had a great Thanksgiving!

Hang in there. I am in a world of s**t myself - but it could always be worse. Chin up!

[2manybills]

Hang in there DebtChains. It will work out one way or another.

A friend of mine filed Chapter 7 about a year ago. Her house was already in foreclosure. Her bankruptcy was discharged back in May, 2009. Since then she has been waiting for the bank to serve her with an eviction notice. She's been a nervous wreck thinking she will have to up and move anytime. Then about a week ago she got a letter from her mortage lender stating that since her BK was discharged her 2nd mortgage was completely discharged and that they are willing to modify her first mortgage now to an affordable monthly payment. Go figure! They would rather do a mod than have the house back, but you have wonder why they have to wait until it gets this far!

[Flowers]

I believe if you got the loan modification, take it, sign it.
Then when you file for BK you reaffirm the loan.
best to you.

[GettingGoing]

I believe if you got the loan modification, take it, sign it.
Then when you file for BK you reaffirm the loan.
best to you.

I am just getting started with an in-house loan mod through wells fargo and need to file bk7 because of pending creditor lawsuits that will lead to garnishment of my wages. It seems the more that I read that its the mortgage company that has a problem with the bk7 and not the trustee. Is this correct. Should I contact wells fargo and ask them what would happen if I filed bk7 during the mod?