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Originally Posted by cliffdweller  Oh - I forgot...
So you claimed bankruptcy before? If so, I'm wondering how long it really takes to begin to re-establish credit. My friend showed me her credit report and she was back at a 800 score in 4 years - amazing - but this was 8 years ago! |
We have almost exact same situation as you. We are still waiting to hear though. Should be soon. I hope. DH's income is $6925 gross, I don't work. Our mortgage was $2460 interest only 5/1 ARM. Where we differ is in cc debt. We have ALOT more (for various reasons). We decided to file BK. Was going to do a Ch13 in hopes that the "cramdown bill" would have been passed, but it hasn't so..we do fortunately qualify for Ch7, but want to reaffirm our house...trick is we need the modification for this.
Our loan and HELOC are both WAMU owned as well. This month we didn't make a payment. A first for us. Prior to 6 months ago..we had superb credit for the last 19 yrs. Not a late payment ever. Hope this is taken into consideration. They are aware that we will be filing BK in June or July and our credit cards have charged off the debt to collection agencies so we are going to have to do something soon. I'd contact a bankruptcy lawyer at least for a consult. We have $85,000+ so it was pretty evident of what we needed to do. It is my understanding that after about a year you can get a secured or low limit credit card and start to re build credit again. But only use for gas once or twice a month and pay off. A lot of times people who were good before paying on time ususally bounce back quicker. It's the repeat offenders that have a hard time getting restablished.
I hope our mortgage payment is about the same as yours and I hope they do something for the HELOC which is also owned by WAMU. IS yours owned by WAMU and did they do anything?