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foxxycolbeth · Joined: 23 Jan 2011 Posts: 1 1.00 Dollars($)

I'm filing bankruptcy on my house. I'm almost 9 payments behind on my 1st -2nd? I don't think a loan modification would work for for me .My inerest rate on 1st is 6.25% and my 2nd 7.00%.I have a line of credit to 28.000%.I lost my job in march of 2009. What kind rate would could I get? they say I owe $197,145.61 with interest going up everyday on the loan. 2nd I owe $1200.00 and on line of credit $29,000.00 .I would like to wrap my 1st-2nd together 20 yrs.or 25 yrs. I would like to have a payment at $875.00 or $1025.00 everything include like taxes and ins. What do you think I should do?

jameshogg · Posted: Sun Jan 23, 2011 8:05 pm Post subject:

Hi foxxycolbeth,

You will have to refinance the mortgages in order to get a single monthly payment. However, as you're delinquent on your mortgage payments, none of the lenders will be ready to give you a mortgage refinance. Moreover, you've mentioned that you will be filing bankruptcy. In such a situation, the lender will not take any steps as the court will issue an automatic stay against your lenders.

Once you file bankruptcy, you'll receive a discharge from your mortgage debts and you won't be personally liable for paying off the dues. You can then surrender the property to the lender who will sell it off in order to recover his dues. You can rent a property for some time and after 2-4 years, you will be able to buy a new property of your own.

Thanks

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