How do I calculate what is a fair amount for rehabiliation amount before I call the CA? I have looked into the discretionary income formula but is that amount during rehab or for after I rehab my loans. I make pretty good money, 6 figures, but my monthly expenses are a lot. I'm not spending/buying material things. I pay for my oldest sons college tuition, younger sons private school tuition and the rest of my normal bills: rent, utilities etc. My wife does not currently work as she just graduated and is studying to take her boards.
I have 4 loans that range from $5-$9k, 2 loans that are~$2300k and 5 small loans $264-$726
I know that I need to rehab each loan indiviually. But for rehab would I only offer to pay $2 ea for the smaller loans and up to $25 for the larger amounts or will the CA calculate what I need to pay for rehab. I can pay the smaller loans off but I also want to rehab them so that the default falls off my CR.
Is it also true that if I make a "good faith" payment that it needs to be less than the actual rehab amount to qualify for the 1st of 9 on-time payments?
Any advise would help...Thanks
