[kenman]

Redwing & Others

1. Yes, we reaffirmed our loan in C-7. We wanted to keep the house due to our ages. I am 62 and my wife is also 62. Yes, we will be responsible for the loan. We also reaffirmed our HELOC.
2. We live in Washington State and have NOT seen the decrease in housing values other areas have experienced. In fact our house is worth about 150,000 more than when we purchased it 8 years ago.
3. The BK court sent an appraiser out to appraise the house. Washington has a 125,000 homestead exemption we were able to use, otherwise we would have lost the house.
4.Our loan is serviced by Chase but owned by Freddie Mac
5.I have not worked since Oct 08. At my age find work is rather difficult to say the least.
6. Chase offered us a 2% reduction in the interest rate. Now at 4.5% and extended the loan to 40 years. In our case, this was just fine. We have only had the house for 8 years
7. Our payments including PTI went from $1856.00 per month to $1181. In our area, we can't rent for that amount.
8. Now, we have been on the "trial plan" for 3 months. Just made my last payment.
9. My concern is that Freddie Mac will decide that with quite a bit of equit, it might be better to foreclose and get rid of the liability.

While everything sounds good at this point, I am very concerned about what may happen in the next 30 days.

Like I said in an earlier post, I have been going thru this since Feb 09. I am not so naive to believe I have "arrived".

Hope this answers the questions to you have.

Kenman