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cntrycris · Joined: 25 Jul 2009 Posts: 4 3.33 Dollars($)

Live in South Florida, 1st is 130k and 2nd is 120k. In 2007 home appraised for 285k. Home value has dropped to 140k ! We filed Chap 7 last year but did not include home. Should we go back and re-file to add home in bankruptcy(or can that even be done?), should we foreclose, or should we set it on fire! Just kidding about the last one Laughing

I could really use some advice on where to start. I know there are alot of people who took the bait when loan officers were calling and practially begging people to take the equity out of their home. We are definate victims of this. My job has taken a big hit. My husband is doing fairly well however. But we still are in the hole every month and getting out seems impossible.

I have to say I also see a problem paying the 2nd loan 120k at 8.7% 25yr when the home isn't even worth this much now.

kentmark0 · Joined: 25 Jul 2009 Posts: 49 0.00 Dollars($)

you are really suffering a lot. you can refinane both the loans as interst rate for second is very high.

but point is property valuation has gone down by 50%. therefore my suggestion is to think about bk. is your old application under chapter 7 approved? if it is approved you can not apply for another 8 yrs.

cntrycris · Joined: 25 Jul 2009 Posts: 4 3.33 Dollars($)

I don't think I would qulify for a refinance now. For on thing our credit has gone down since we filed and second the two loans combined are so upside down on the homes worth.

Niicss · Posted: Mon Jul 27, 2009 1:47 am Post subject:

Hi cntrycris

If the property value has gone down, you won't be able to refinance the property in order to lower your interest rate. I don't think filing bankruptcy again will be a good option. If you do not want to keep the property, it would be better if you could apply for a deed in lieu. This will help you in selling off the property though it'll lower your credit rating. However, you would not be responsible for paying off the deficient amount.

Thanks.

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cannot afford florida 2nd mortgage Value of home huge loss!

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