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jpalomares4 · Joined: 15 Sep 2009 Posts: 12 4.35 Dollars($)

my second home is going thru foreclosure and we still have a second loan that i been told we are still responsible to pay it off but we don't have the money and were going to loose the properly anyways. the second loan is for 38,000 is bankruptcy the only way out? what else can i do? my credit is damaged already.

Niicss · Posted: Wed Mar 17, 2010 3:00 am Post subject:

You would be liable for paying the second mortgage though your property is going through a foreclosure. If you do not pay it off, the lender may charge off your account. You can file Chapter 13 and strip off your second loan if you do not have any equity in your property. However, this will lower your score further and will remain as a negative item on your credit report for 7-10 years.

Guest

are there any qualifications to file bankruptcy and what are the cost?

jameshogg · Posted: Thu Mar 18, 2010 12:49 am Post subject:

Hi juanita,

If you want to file Chapter 7, then you will have to clear the means test. If you can't clear the means test, then you will have to go for Chapter 13. You can check out the given page in order to know the reasons to file bankruptcy:
http://www.mortgagefit.com/know-how/filebankruptcy.html

Thanks

Guest

i just called the bank and they told me that i could apply to see if i qualify for a short sale or DIL but i been told that when there's a second mortgage the banks usually dont do short sales or DIL is this true? even if I qualify I i'm still responsible for the second. what can i do? i don't have 38,000 to pay second mortgage and i'm getting rid of the house anyways.

Niicss · Posted: Fri Mar 19, 2010 2:55 am Post subject:

It is true that though your first lender forecloses the property or goes for a short sale, the second lender will be able to come after you for the balance amount. You can negotiate with your second lender and check out if he would be able to forgive your balance amount.

Guest

can they actually forgive a balance due? If i tell them whats going on will they be willing to lower the amount or refinance with a lower APR or do something? thanks everyone for your advice

Niicss · Posted: Mon Mar 22, 2010 3:00 am Post subject:

If the second lender is convinced about your financial hardship, then he may forgive the deficient balance. If your first lender forecloses the property, then you won't be able to refinance the loan as there would be no collateral.

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Is bankruptcy the only option