Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

mortgage

Author Message
Icon Mini Profile annyb27





Joined: 07 Jul 2009

Posts: 144

-1.08 Dollars($)
Post Posted: Tue Oct 13, 2009 9:59 am    Post subject: mortgage
Like 0
Dislike 0

My husband and I are filing chapter 7 due to my prolonged unemployment, now he has lost his overtime and we are having trouble making the mortgage and the second, both with B of A. We are current, but are classified as imminent default as I pay later and later every month. Either food or mortgage.We owe $383.000 and it's only worth $138,000, we tried to refi and tried to get it modified. Both times we were told "do not qualify" Unemployment too much. We are seriously thinking about just letting it go , but we both have serious moral issues with not paying for where we live. What is your suggestion. My husband says just pay the first and leave the second, but won't they repo on that too?
Icon Mini Profile leeelliot61





Joined: 13 Sep 2009

Posts: 188

0.01 Dollars($)
Post Posted: Wed Oct 14, 2009 7:22 am    Post subject:
Like 0
Dislike 0

hi annyb27,

If you are filing chapter 7 there is no need to pay for either mortgage this is what your attorney will tell you unless you are going to try and save the home and bk. you can also short sale the property
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.080 seconds.