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About svb4jb

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  1. Hello all you helpful souls, I went and did some research and met with 4 different lawyers. Oh, that was interesting. Anyhow, I learned that we make too much to qualify for BK7 and so now I'm thinking that we should possibly try the debt settlement technique. What do you all think, given my information from the prior posts a couple weeks ago. I've been reading about it and I'm super scared and have a ton of questions. Remember, I'm not late on anything yet! I'm super close to being there, possibly this month as my husband has had to decrease hours yet again! HELP! SV
  2. Hmmmm. Not sure if I can find the time inbetween work and kids to go watch some court cases. I'd have to pay for daycare for that too! At any rate, I looked up HARP Denita and it filled out the questionaire. It looks like you have to have a Fannie or Freddie loan, which we do not. Hmmmm. Am I right on thinking this? The questionnaire says we do not qualify. I think we're leaning toward Bankruptcy. i need to read some more things about how long it takes to rebuild credit. I am not late on anything ever and have not been delinquent, but I'm getting SUPER CLOSE to being there! thanks for all your input. I'm sure I'll have more questions after I read more about BK and solicit a lawyer! Thanks again, SV
  3. Denita, You are amazing! how do you know all this? Thank you for answering all my questions. I only have a couple more . ..for now! Why would a bank even do a "streamline refinance?" Is it just something I call up my bank, or any other bank and ask? If I will still have closing costs to pay, without any extra income to pay it, might be out of the question for us. Do you reccommend this? BK: I do not have a lot of secured debt, just the two things you listed, House and one car payment. However, i redid the Means test and it does seem like we qualify, if I answered the questions correctly. Some were a little tricky to understand (for me anyway). BK: If we need a good attorney, and you say to interview them, is there someplace someone has written good interview questions? I hardly know what to ask them?! Also, in Ch7, can they take your car and your house? I believe I read that they cannot if you fill out a reaffirmation form? Debt Snowball: I totally get this. Thank you for explaining. I believe we can do this. However, it is 5 years of it. When we make more money, more could go to those debts, however, we don't even have any savings!!!!! We do have a 529 and 403b,s etc., but no actual savingS!!!!! How do you know what is best? Man, I have never felt so helpless, ignorant, and confused as right now! Thanks again Denita! SV
  4. Thank you Denita. I have some questions to ask regarding your last post. For debt settlement, how big lump sum? Are you saying like if I negotiated to 50% of a 10K debt I would have to pay the 5K in one lump sum? No, can't do that obviously. You also said "it is a credit killer." you're talking "debt settlement" right? What about the debt snowball? Cut up my cards and close accounts while I'm paying them off? That would negatively impact my credit score also, is that right? In addition, when I put my figures into a debt calculator that helps figure out what to put toward which credit card for the snowball effect, it could be done in 4.5 years roughly. If we were disciplined enough to do this, would there be any negative impact on our credit at all? the car. . . and the amount it is worth: I went to that website you referred us to and the state of Nevada says not more than 15K. I'm assuming then we would lose the car under BK 7 and 11, right? How do I find outthe car's value instead ofKBB? That's the number I got. We could sell the car like you mentioned and purchase a beater, yes. As long as it is reliable and has 4wheel drive due to where we live, in and out of Tahoe! Hmmm. Now, I stayed up way too late last night reading about BK and other threads, experiences, etc. . .I've still got a ton more reading and researching to do cuz I'm not getting it. But you said, "if you are over median you can file a ch 7 if your disposablemonthly income is less than X. You are right, it is $105/month, but I think we still wouldn't qualify. I'm going to redo the form with more accurate information and more time and see what happens. In BK then, not 7, they can take the car? Also, does the court put you on some repayment plan? Sounds like you are recommeding BK, but if I'm over median then what do you think? Also, with regards to streamline refi, how does this exactly help if we having the same payment per month. AND did youj mean that we would have to pay the closing costs up front? Sorry for all the questions, I'm stressed to the max! (no pun intended) SV
  5. Yes, We could stay afloat with car payment House payment and student loans. I need to read more about BK before making any decisions. I'd still like to find another way. Why do you think that is better than Debt Settlement?
  6. So we owe 300k on house and and it's value is only about 280K, not that we could sell right now anyway. We owe about 18,000 on car still and have about 19K in student loans that I currently have on forebearance. I filled out one of those Ch. 7 median thingys to see if we qualify. If I did it correctly (quickly though), we barely qualify. We make about 92K combined income and the median for nevada is $71K. Here is the thing. We know my husband will make more money when he finishes grad school 2011 Spring as a Nurse Practitioner. I would still work for at least a year. We were thinking that if we then live off of his income and use all of mine to start paying down the debts and building a small safety net of a savings, assuming I still have a job, then we'd better have a handle on things. However, there are variables. I am a teacher, but school district is declining due to declining enrollment. You never know how secure a job is in this economic downfall. Also, this is if he gets the job he thinks he can get with the contacts he's made, etc. There are a lot of avenues as NP in this area, especially male ones. AND, if he passes grad school. Not an option, he will! If this is the case, it seems to me BK might be a little drastic? Debt Settlement? What is your best suggestion given this new information!? Still BK? I am still reading the stickies! I'll read more tonight. Thanks for the insight.
  7. I am amazed with how quickly you all have responded and with how you so readily share your knowledge. Thanks again. Okay, well, I suppose whoever wrote that it sounds like a credit issue, you're probably right. I just thought with so many people around me getting DEALS with loan mods, etc. . . I could try to go that route in order to stay abreast of our bills. I have been reading on this site on another thread that you can call the credit card companies yourself. I tried this once and they said "no." Not sure what I need to do exactly and was having a hard time finding it through my research thus far under "credit repair." However, here it is: We are dug deep in unsecured debt. Am Ex with a 2.9%fixed at it's limit 24K Schools Financial credit union with a fixed 9.9% with 9,500. Capitol One with 15% $1600. Citibank with 9.9%Fixed at it's max 24K as well. Car payment $499. We went without a car payment during my second baby maternity leave, until one of those cars crapped out on us. We own one car that we are praying stays with us for awhile and have the one huge payment. Still owe for 2.5 years. On top of this, we have medical bills from my last pregnancy, daycare, and other normal bills. I have read on the other threads about NOT doing debt settlement. I'd prefer not to. I'd like to try to be disciplined enough to do this on my own (husband too, of course). I know we can do it, but need some help on what we should do. Frankly, BK has never crossed my mind. I want to be responsible and believe I should be responsible for paying all that I owe, but need some help climbing out of the hole. Thanks again and look forward to reading more responses. P.S. Just figured out there was a page #2 SVB4JB
  8. I had a gut feeling. But you know when they have an A+ rating with BBB, etc. . . hard to know what to believe anymore!
  9. 2nd time around In response to "next time be lighter on the income and heavier on the expenses " We haven't applied for any modifications yet. Also, do you work for one of those law firms that finds things wrong with our original loan docs and then works out a deal for the borrower through the lender? If this is correct, do those things work? We got a notice in the mail for one of those and I called to see what the deal was, but it makes me super nervous. Plus they want money up front. They say it is fully refundable, but do you think that's safe? Does anyone know if those law firms help? They say based on minimal verbiage over the phone about income and price of house that they can get us 4% for sure. What do you think?
  10. Denita, we have a fixed loan, not FHA, it does include our taxes and insurance. IN addition, I keep most of my money from witholding a higher amount. Is that what you mean?
  11. Thank you for all of your replies. Very informative. To answer some questions: We are struggling for many reasons. 1. My husband went FT grad student to keep a scholarship and had to decrease his hours. I took only a small time off for maternity and subsequently have lower monthly checks for the remainder of my fiscal year. This will get better starting next August, assuming I am still employed in this horrid economy. 2. We have too much unsecured debt! I know our mistake and no it was not on totally frivilous things. Much of it was due to living expenses while putting my husband through undergrad . . . Plus we had 3 kids in the meantime. 3. we bit off a little more than we could chew when we bought our house 6 years ago. I believe we are still 105% with our home, but we know we need to get out of debt. We feel like we are stuck. I have seen people around me with many tangible things, you know, like horse trailers, snowmobiles, boats, and much bigger homes now with mortgages way lower than ours because they stopped their payments and now have lower interest rates. Then there are people like us who, Yes, haven't made the smartest choices or CHANGEs and have too much debt, but are doing our best to make our payments and stay current AND can't lower our interest rate any because we weren't stupid enough to get a rate with an ARM anyway. I am looking toward my husbands grad school schedule this winter and wondering how we're going to manage with increased daycare costs that come with increased school hours and decreased work hours. With that, I have made some changes with things like internet, dish, home phone, etc. Now, it's just staying afloat with the credit card bills. P.S. I read I'm not supposed to write long messages. Sorry, still learning about forum blogging and how to balance a checkbook. Thanks for listening and helping! SV4JB
  12. Hello everyone out there, I am a new and nervous forum user! I am in the state of Nevada and struggling to keep my mortgage current. Our mortgage is with IndyMac, now OBW, fixed at 6.85%. We do not qualify for the loan modifications according to terms at government website. Our mortgage is 29% of gross income. What are people doing who are a little upside down in house AND are making current payments? Is there a possibility of refinancing? I believe we owe 300k and value is about 280K. do we have a chance or do we gamble and miss payments to see if they will renegotiate our loan terms? We haven't had any major hits financially, but lessened hours and maternity leave have taken enough of a hit to hurt us monthly! Help, we're stretched to the max!