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wldfowlr · 03-09-2009, 07:14 PM

I will start with a THANK YOU for this site...I have googled' 'til I was blue in the face, and then I ran across your site...ALL the info I was looking for is right here....

How does all of this "wash out" in a situation where the homes value may actually still be higher than what is owed on the home?

Example: 1st mort fixed int $205k w/2nd mort $45K...2007 appr. value of $280K.

We are facing foreclosure becuase I am now disabled and drawing SSD... my spouse still works...We are current on house, but late on all other debt. We see no other way than to file ch. 13, but if we can't keep the house, it makes no since to us to do so.

My research shows that my income is exempt in ch. 13, so that leaves my spouses income of about $2100 a month.

The 1st mort payment is $1466 and 2nd is $345...we do not escrow our tax/ins...it is payed lump sum each January($6500)

I know this is somewhat vague info, but I have been unable to locate any info on a situation like mine. If I have posted this in the wrong forum, would someone please move it to the proper one?...

03-09-2009, 07:14 PM	#1 (permalink)
wldfowlr Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Opinion needed on ch 13 w/mort mod I will start with a THANK YOU for this site...I have googled' 'til I was blue in the face, and then I ran across your site...ALL the info I was looking for is right here.... How does all of this "wash out" in a situation where the homes value may actually still be higher than what is owed on the home? Example: 1st mort fixed int $205k w/2nd mort $45K...2007 appr. value of $280K. We are facing foreclosure becuase I am now disabled and drawing SSD... my spouse still works...We are current on house, but late on all other debt. We see no other way than to file ch. 13, but if we can't keep the house, it makes no since to us to do so. My research shows that my income is exempt in ch. 13, so that leaves my spouses income of about $2100 a month. The 1st mort payment is $1466 and 2nd is $345...we do not escrow our tax/ins...it is payed lump sum each January($6500) I know this is somewhat vague info, but I have been unable to locate any info on a situation like mine. If I have posted this in the wrong forum, would someone please move it to the proper one?...