sbspoiledbair@hotmail.com
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 Posted: Mon Nov 02, 2009 12:01 pm Post subject: ch7 in cali and 2nd lien |
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Filing ch7, we owe more on our house than worth. We would like to keep it,(sentimental reasons) have modified loan with 1st lien holder ( 30 year fixed @ 4.8% on 255,000 payments are $1550. month. We informed our 2nd lien holder ( 9.5 % on 47,000 $ 466. month) that our intentions are to keep the house and could we modify loan to make it more affordable? ~ they will not modify since we are starting a b/k, they said to pay interst only untill b/k and then re affirm with them, but also said it would be interst only for one year than back to originial loan. My question is~ If we continue paying first loan, and skip payments on the second will they most likely work with us after b/k for a modification? B/K attorney said to continue paying both , but the 2nd puts us in a financial strain~ I would like to try to settle debt with 2 nd lien holder but just dont know how to do any of this?
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 Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Tue Nov 03, 2009 1:24 am Post subject: |
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It will be totally the second lender's discretion whether or not he would agree to modify the loan with you. If you reaffirm the loan, you will have to make normal payments to them. At that time, you may inform the second lender about your hardship and get a modification of your loan.
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