It is most important to sign a deal with proper care as it is a mutual salvage program with little belief on either side. You have to keep the commitments. But if is the situation that has caused the problem, renegotion term is also in the market (Althoug success doubtful). You need to tell the truth that foreclosure is the only option left you are sincere enough. Also, you need proper justifications, an delay of payment may be clue to click at their side for a new turn.
luke thomas Guest
Posted: Thu Mar 19, 2009 7:22 pm Post subject: help me
I have 1st and 2nd mtg 1st 413000 2nd 100000. my house is beeing on sale from jan 2007 and last six months we are not paying anything. both bank cannot do the foreclosure or short sale. I have 2 gas stations with partners. but one is very bad other so so. It affect on my business If i do bankrupsy? What i supposed to do. just staying at home with out bankrupsy?.If i stay here and not doing anything what's going to happen?.
Thanks.
Did the lender give you any reason as to why he can't short sale the property?
As far as bankruptcy is concerned, if you file Chapter 13 bankruptcy just for the mortgage, it will not affect your business. Moreover, by filing chapter 13, you will be able to save your property. You can pay off the mortgage dues to the lender according to the alternative payment plan given by him and clear off the dues within 3-5 years.
luke thomas Guest
Posted: Mon Mar 23, 2009 3:27 pm Post subject: help me
Did the lender give you any reason as to why he can't short sale the property?
we talked 1st mortage they said we don't do shot sale or foreclosure according to the policy. 2nd mortage said, they need $30000 or some body needs to co-sign to take the responsibility of the rest of the money $70000 and also needs to sign the note both party to sell this property. buyer came give an offer $470000. 2nd mortage not let us to sell this property until we fullfill the abow condition.we have only one income since one year.
thank you.
Ana Guest
Posted: Mon Mar 23, 2009 9:39 pm Post subject:
If you cannot fulfill the conditions given by the lender then filing bankruptcy would be a better option in your case.
wag14 Guest
Posted: Sat Apr 11, 2009 7:19 pm Post subject: 2nd Mortgage
Hi,
We have been out of our house since August 2008. It is currently in foreclosure because we had to file bankruptcy at that time (husband lost his job and our income decreased significantly). We desperately want to move back to our home and have almost worked out a loan modification with our first mortgage that we can afford. We are worried now because we realized that this does not include our second mortgage. (We owe $210,000 on first and $64,000 on second.) Our house would sell for much less at sherriff's sale. Is the second mortgage company going to come after us after our Chapter 13 is over if we don't try to work something out with them now? We are afraid that we will not be able to afford the payments on the first mortgage and the second mortgage together. Please help us get our house back! Thank you!
The second mortgage company will have the right to come after you if you do not work out a plan with them. You can try to negotiate with the second lender so that he lowers your payments which can help you in paying off the dues. _________________ Procrastination is the enemy of your financial sucess
ibana Guest
Posted: Tue Apr 21, 2009 11:50 am Post subject: 1st and second morgage
i owen 260 in the 1st and 135 on the 2nd and my house is upside down value is around 250 now
the second morgage told me they gave up my account to a third party ,they dont know who they are so the cannot help me ,20 days later i received a letter from a collection agency saying the will represent the chase debt ,contact them or pay the the 135 000 check
so what will happen next... can they foreclusure,sue me ?
If you do not contact them and pay off the dues, the collection agency can sue you for the debt.
Thanks. _________________ Good is the Enemy of Great.
kimmy Guest
Posted: Thu May 07, 2009 6:05 pm Post subject: not sure if anyone will read this....
I understand this forum posting is old so I hope someone will read it. We bought a home three years ago with the same thing a 80 - 20 loan, the 1st mortgage is adjustable after two years and has gotten really high, the 2ed mortgage is fixed for 15 years and then balloons. The 1st is 270.00 the 2ed is 64.000.
We just worked out a loan motification on the 1st loan, they gave us a fixed rate of 5% for 25 years then ballons, our payments have been lowered 500.00 a month. We are so happy, but the 2ed loan just told us that they can't help us.
Our home is worth less then what we owe. The 2ed loan is 700.00 a week, and is around 12% on 64,000. I was trying to get them to lower the rate so we can pay around 400.00 a month, something we can afford.
Any advice, tips, etc? Are they just acting tough, what can they do, or cant do? This extra 64,000 is killing us, we have not made a payment on it in three months, if it was half we could swing it. Thanks, kimmy.
kimmy Guest
Posted: Thu May 07, 2009 6:11 pm Post subject: mistake
Sorry I mean 700.00 a month. Thanks. (On second loan)
$700 a month on second mortgage is really a lump sum amount. You did the right thing by appling for a modification with the second lender. But it would be your lender's discretion whether he would accept it or not. However, did they give you any reason as to why they won't accept your request for modification? I would suggest you to negotiate with them further and check out if they can offer you any option.
The lender will offer you a loan modification based on your financial situation. If you deliberately stop the payments but cannot prove to the lender that you are going through a financial crisis, then the lender will not accept your request for modifying the loan. I personally don't think this is a good strategy.
Take Care.
gail Guest
Posted: Mon May 11, 2009 2:39 pm Post subject: 2nd mortgage
what will happen if we quit paying the 2nd mortgage payment? we are in the process of bankruptcy, but want to keep our house
devidas_padir
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