Medsport

I had a bk7 about 5 years ago and have been doing fine. I've continued to pay my 1st mortgage on time, got a couple credit cards and have bought several new cars since then (trading in the older ones about when I break even on equity). I know the new cars are not a good idea, but at least I forgo the maint. cost of tires, brakes, ect. Anyway my main question is my home equity loan (2nd mortgage). Apparantly it was discharged in my bk, but I never got a direct answer on whether I should continue to pay it or not and what would happen if I quit paying on it. I called them a couple years ago and they said they retain the lien, but it has been discharged and I can continue to send payments if I want. I skipped paying a couple times when finances were tight and when I lost my previous job. I never heard anything about it and never get any mail from them except at tax time. I have a new job and can afford to pay, but basically live paycheck to paycheck and could use that money to save and fix some stuff around the house. I think the balance is around 10.5k or so and the payments were around $78. I don't want to continue to pay if it isn't neccessary obviously, but don't want any surprises down the road. Any opionions from those of you that may know more about it than me?

update: when I called them going on a month ago now, they said I was supposed to send the payment in by the 10th and I should get the coupon book by my next payment due date. Well, my payment was late obviously and I still haven't got the payment coupon book. So now I don't know whats going on? I'm wondering if they pulled the deal since I was late or what. I tried calling them yesterday, but kept getting transferred and got tired of waiting and hung up. So I don't know if I should send a payment in now or not? Guess I could try calling again Monday and see if I can get a hold of anybody.

quick question: I sent in the paperwork to agree to the terms about a month ago. I sent it overnight mail so they should have got it by the deadline, but I haven't heard anything. I thought it said payments would start on the 10th, but I can't seem to find the letter that said that. Should I be worried and maybe call them or wait until they contact me?

So what to do? I just called my attorney and spoke to the secretary and she said they most likely can't foreclose on the house until the 1st is paid, but would come after the balance if I were to sell the house and interest would continue to collect until then. I made an appointment to speak to him tomorrow. Will this do any good or should I just get the paperwork notarized and send it in? I know I'm pushing it now as it is supposed to be there by the 15th although I do have an overnight express mail envelope. It would get there by the 15th if I sent it out in the afternoon tomorrow, correct? btw, I forgot to ask, do you think they will charge me for going in and talking to him?

anyone? Ii've been putting off what to do. I only have a couple days left to decide. Someone at work said I should call the lawyer I used with my bk, because if it was discharged I shouldn't have to keep making payments on it. I wonder if they really will come after the house if I decline the offer? I'm starting to think maybe I should think about moving anyway. What good is it to bust your butt at two jobs and still barely break even? I'm thinking maybe its worth the risk to say the heck with it and try to get in on the ground floor of the MMJ field as it looks like it is going to continue to spread, but most entry level jobs most likely pay less than I'm making now. I don't know if being a nurse would be any benefit?

Another dilemma guys. I was almost all set to go get my paperwork notarized today or tomorrow to take that deal. But I got a call from my 2nd job in which I work every other weekend. They want to switch me to 4 hour swing shifts which would cut my hours by about 16 a month or $200 after taxes. I guess somebody quit that was part-time and the person they want to hire wants more hours. I tried to explain to her that I needed the hours and she said "you already have a full-time job", which is true, but its only 36 hours a week and with my new car payment and the new home equity loan payment I was going to have to watch what I spent before and now I don't think I will be able to do it unless I find a different second job or a 3rd job. I still have 3 days off a week because I work mostly 12's, but I look forward to my days off after working my 6 days in a row stretch. Any idea what to do now? Should I call the 2nd mortgage and explain that my hours have been cut or do you think it won't make a difference since I already have the loan paperwork that is due within a week?

So does it sound like a decent deal assuming I want to stay here? I'm guessing they most likely won't take a settlement since this is what they offered also.

Well I just received a fedex and it looks like the approved the loan mod. I have 11 days to agree to it. I guess its not that bad, $77 a month at just over 5% interest but its for 240 months. The first will be paid off 5 years before that, so what happens then, do you keep paying on it? What if I were to accept the offer and in say 6 months could I still do a re-fi and include the 2nd in it to pay it off?

I received a letter from them today with a appraisal packet completed a couple weeks ago. It looks like they appraised it at 55k by just looking at the outside and doing research and comps. There is no other info given as to what this means or their intent. I'm thinking this doesn't sound good, what do you think? I still haven't called them I as thought I would have gotten a decision by now as to what they plan to do. Should I go ahead and call them now to get an idea and offer a settlement possibly?

I'm not sure what the property is worth. I bought it for about 49k 15 years ago and was quoted it may have been worth 55k maybe 7-8 years ago, but that was before I had some plumbing work done and he punched a hole in the ceiling I haven't fixed yet and some of the popcorn ceiling is coming down in a few rooms. The city also wants about 1.5k to replace the sidewalk (which I don't have). But if I had to guess, I would say about 50k as is and maybe 60-65 if repairs were done. I don't really have much cash to spend as I know I will need what I have pay the bills the rest of the year until tax time next year. If I had to, I'm thinking maybe $500 or so tops unless I took some out on credit card and or made some more cutbacks or got a 3rd job. I'm thinking the balance on the 2nd should be right around 11.5k.

Ok, I filed bk7 a little over 2.5 years ago that got rid of my 20k or so credit card debt. I reaffirmed the house, but not the home equity loan that had about a 12k balance on it. I didn't reaffirm it, but kept paying the monthly amount until recently. I should have never took it out in the first place as I used it to put all my credit card debt on back then and could never afford to pay much over the interest payment. Anyway, the 10 year loan came due a couple months ago and I am now in the process of a loss mitigation with them to see if they can work something out. In my application for expenses and income, it looks like I pretty much break even now, so I don't know how I could pay any more than maybe $50 a month or so. btw, I got a different car about 3 weeks ago after I filled the paperwork out and my payment went up about $35, do you think I should let them know about this or will they find out anyway? It doesn't sound real good as their last letter said they may or may not be trying to foreclose and they suggested I should look into loss mitigation with my first mortgage. I still owe about $32k on it and haven't been late. Its an FHA at 5.7% and I have about 15 years left on it. The original amount was almost 50k and I think I want to stay here considering my age (44) but the house does need some repairs I can't afford like some ceiling work, plumbing eventually, sidewalk work (per the city) and I would really like to add a garage or carport at some point. It doesn't look like my income will go up much if at all since my main employer doesn't give raises. I do have a 2nd job I started recently, but its only every other weekend. It doesn't look like I meet the requirements of a HAMP or HARP or Home Savers since I haven't had a reduction in wages recently (unless being cut from 84 hours to 72 per 2 weeks at my main job counts , but that happened a couple years ago). I checked a couple places about refinancing a few months ago and they said I probably wouldn't qualify because they like to have you be 3 years post bk, although I haven't tried other places yet. After a quick check, I doubt I could do that anyway as my debt to income is near the max because of my student loans and car payment. It looks like I may be able to do a 30 year, but I'd really like to go 20 max, but like I said I don't know if possible when you add the 2nd and closing costs, ect. So I guess my main question is what should I do now? I haven't called my first mortgage yet to look into a modification or loss mitigation (not sure of the difference). Should I do this now or wait to see what the second says about the application?

My current loan is about 4.6% on 26.5k for 75 months with Ally. I have 56 payments left and owe just over 20k now. I had a bk7 about 2.5 years ago. It took some shopping around to get the loan since the bankruptcy was fairly recent, but they said my credit score was pretty good considering. Would it make sence and save me enough money in payments to try to refinance and could I even get approved for another decent rate now. I like the current lender and they are lenient if you are a couple days late with no fees, ect. but could really use any saving I can get until I can get a second job or more income. Any advice of lenders to try or anything or should I stay put for awhile?

No, no warning or nothing. I just saw a guy from the city out there measuring one day and sure enough a few days letter I got a letter in the mail. It says City Code 905.99 "Penalty, Equitable Remedy" if not repaired in 30 days. They did say there was a little leeway on the time frame when I called, but didn't go into details. I guess I'll have to call again and ask to talk to his secretary or something since he seems to be too busy to call me back like he said he would. I guess there was a complaint on the sidewalk and I did notice a couple squares were getting bad, but they want me to replace the whole thing. btw, that's what I thought with the refi. I guess I can hold out for another 8 months or so before trying that route. I may have to get a 2nd job or maybe donate some blood or plasma on the side for now as I hear they pay you for your time at certain places.

I've got a situation in which the city recently said I had to replace my sidewalk within 30 days or get some type of violation. I got a couple quotes and its going to be between 1k and 1.5k. The problem is I only have about $500 saved. I basically live paycheck to paycheck. Although I do have a little cushion in my checking, I've been spending about 200 more a month than I make. I've been relying on overtime, bonuses, tax refunds and the two extra pays per year (get paid every 2 weeks) to make it through. I talked to the city admin. a couple weeks ago and he gave me the number of a lady in the CHIP program. It seems my income is just over the limit mostly due to my OT earlier this year. I've tried calling him back but he hasn't returned my calls. To make matters worse, census is down where I work and they just cut all overtime for the foreseeable future. I should be able to make it through if I watch what I spend and make a few cut-backs, but spending the money on the sidewalk would really put me in a bind. I'm not sure what will happen if I don't fix the sidewalk. I'm guessing the city will fix it and then bill me (too much I bet) and put it on my taxes. If that happens I guess it wouldn't be that bad as from my calculations it would only be about 15 a month, but for the rest of my mortgage term. I currently have about 16 years left on a 30 year FHA and pay about 415 right now on a 50k loan. The principal and interest is only about 289 and the rest is PMI, insurance, taxes, escrow, ect. The payment varies every year usually bet. about 390 and 480. The rate is fixed at 5.7%. I also have a HE loan with a bal. of about 12k and the rate is 4.5%, but the 10 year term is due in 2014 and there is no way I'm going to pay it off by then as I can only afford to pay about 75-80 a month on it. I filed bk7 last summer and that got rid of about 20k in credit cards, but I still have about 17 years of student loan payments of just over 300. Do you guys have any ideas? I was thinking maybe a mortgage refi since rates are just over 3%, but I don't want to start over for 30 years and 15 years wouldn't save me much in payments. A 20 year term would be about perfect, but I'm worried I won't get approved because of the recent bk and my current student loans and car payment. I guess it wouldn't hurt to apply, but just wondering what would be some good places to try?

Well I took it so I guess I'm stuck now. It is a pretty nice car and my hours look to be staying the same for now at least so I may be ok. I just have to work all the OT that I can while available and save up a little. There are some problems with the car already though. I found some "lines" on the car and the dealer said they were just from the tape and will come off after a couple washes. I guess they got the car late and didn't detail it like he said they were going to. Then he pointed out a scratch on one of the gauges, but said they would take care of it if I dropped it by. After he left I went out and tried to remove the lines but nothing worked. I then found some more lines or scratches on the trunk. To make matters worse the TPM light came on and hasn't gone off and I have a small chip on the hood after one trip to work and back. So after some bitching on my car forum I finally called him and he said he will try to work out a time for somebody to pick the car up and give me a loaner for a day or two while they fix the problems. I would drive it there myself but its almost 60 miles away and would make for an all day affair if I waited while they fixed everything. And to top it all off the car already has over 500 miles on it and I've only driven about 80 of those myself. I also have to borrow my parents truck to take the stock wheels over and pick up the 18's (in which he originally lied to me and said I could keep them). I was thinking of saying tough luck, but the more I think about it the older 18's with the better tires in the back would be a better choice in the winter than the stock wheels to keep them nice longer. Oh well, as long as he fixes everything it should be ok, but I definitely won't recommend this dealer.