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settling with 2nd mtg while in Chpt 7 BK

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Kathy R Guest	Posted: Wed Apr 21, 2010 11:37 am    Post subject: settling with 2nd mtg while in Chpt 7 BK Like 0 Dislike 0 We have filed Chpt 7 and stopped our foreclosure. We owe $230k on 2nd & 3rd to WF and wonder if we can settle that while still in BK. Does the Trustee in the BK allow you to take 401k distribution and a gift from a friend to settle the debt, or do they see that as preference and take the cash for CC? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	Posted: Wed Apr 21, 2010 11:01 pm    Post subject: Like 0 Dislike 0 Hi Kathy, As you've already filed for bankruptcy, the lender will not come into any kind of settlement with you. This is because of the fact that the court has issued an automatic stay on your creditors. Once your bankruptcy is discharged and you reaffirm the loan with your lender, he may be ready for some kind of settlement with you. _________________ Procrastination is the enemy of your financial success

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