I got THE email from the law office and it states:
“Everything went fine this morning. Attorney will be sending you and exit letter with instructions on where to send your plan payment. Please continue to make your mortgage payment as well, although we will no longer need proof of that every month. Your plan payment will remain the same for the next 60 months. We don’t need your 2012 tax returns.”
I hope what the assistant meant to type was “the next 54 months” because I have already made 6 payments into the plan.
I did not expect this today. I have been waiting so long for those words! It has been a bumpy ride so far with a 341 hearing and 3 court appearances for my attorney. One in December, one in February and today. Months since I started this journey!
It is not easy getting a lien strip. I don’t care what you hear, it is not easy! There are lots of checks and balances that need to be done first before a judge will approve it!
Some of you already know that only 30% of Chapter 13s are successful! It’s a true statistic! Doesn’t sound so good does it? It just shows you how hard it really is!
I had to do this, this was the ONLY way I could be out of debt and be at a reasonable housing cost percentage by the time I am 58! I might even have some equity when this is all said and done and it will really boost my old age nest egg!
The standard percentage is 35% that should go to housing. That includes your mortgage or rent, maintenance, taxes, utilities, and insurance. In other words, the cost of the place you’re living and the cost to actually live there. Well, with my first and second and HOA, I was way over, more like 55 – 60%. I would never have been able to get that number down. Now, in 4.5 years, I will be back to where I should be! AND I INTEND TO STAY THERE!
I am not saying its going to be unemotional. I’m not saying the fear or rants are over, (sorry!) I am just saying that I think I can do this. And I think I am doing it for all the right reasons. I also think that if this works, it was the best choice for my situation.
Come on with me on this journey, I can do this. I am determined.
As long as there are no catastrophes, I have a good a chance as any!
Here we go!