Posted: Tue Oct 06, 2009 4:43 pm Post subject: bankruptcy/modification
I filed bankruptcy in California for my first and my second....I was able to re-affirm my 1st by finally modifying it with the mortgage company. Now the company holding my 2nd says I need to start paying on it....but it was included in my bankruptcy filing which I thought wiped out this debt. I'm upside down by 150,000 on my 1st mortgage and my second is for 30,000. Here are my 3 questions: Am I responsible to pay this? If I don't, will it be added as income on my taxes? Can the mortgage company for my 2nd foreclose on my home if I am current on my 1st?
The second lender still holds the lien on the property though it was included in your bankruptcy filing. I don't think it was wiped off due to your bankruptcy filing. As you did not reaffirm your second loan, you are nor personally responsible for it. However, as the lender holds the lien, he may foreclose the property if you do not make the payments. It would be better if you could contact the lender and check out if you can get a payment plan to pay off the dues or if he can forgive the loan. _________________ Procrastination is the enemy of your financial sucess
Kris Guest
Posted: Fri Oct 09, 2009 12:37 pm Post subject: Greentree
Same situations. First I/o balance 20k more than FMV, second an addtl 40k.
Greentree states they will not do anything. Only after Loan Mod with first mortgage will they be in a position to offer a payoff of MINIMUM 80%
Thats correct. Secodn lender noramlly do not work on loan modification, until you have some thign goign on with the first
Since first owns majority, they want them to act first.
Which is logicval, since the loan modification of first can have bigger impact than the second one
Guest
Posted: Fri Oct 09, 2009 8:49 pm Post subject:
Sunny....your spellings! OMG!!! Why don't you use the spell check??? "Secodn ", "noramlly", "thign", "logicval" - Gosh! too bad. It changes the meaning of your answer and I don't think the poster would receive any help from your answer.
Well well well...I'm a guest and I don't think it's mandatory in this forum to login and post. I just googled my query and found this excellent website...but then your spellings were too confusing for me. I guess others also become confused...It's only that they don't let you know! Please use the option called "spell check" before posting...it's good for you as it would make your answers more acceptable to the posters.
E. harms Guest
Posted: Mon Oct 12, 2009 7:31 am Post subject: 2nd mortgage
My husband and I have a second mortgage. We did a chapter 7 bankruptcy and the 2nd was included. But in order to stay in the house and not have foreclosure we still must pay the 2nd. At this point I can't afford to pay. Can they forclose and will we have to lose our home? We owe more on the 1st than the home is valued at.
If you stop making payments on your second mortgage,the second lender can do foreclose on the property. you have to speak to the lender about a short sale or deed in lieu.this will help you.
Posted: Wed Oct 21, 2009 3:43 am Post subject: 2nd mort
I have a first mort 225.balance and 2nd 52.balance they rejected my loan modification the 2nd but first gave me a loan modif for 24 month in june 1 my first mort payment goes back to 1500. a month makeing difficult to pay both mort total of 2000. a month not including escrow. IM PUTing house up for sale but I will only be able to sell for 190. the most. I want to stop paying my 2nd mort for i cant afford to keep paying it but im afrid that i will be floclose . i was told by several people that they can only put lien on house. help
If the second mortgage lender forecloses the property, then he will have to clear the dues of the first mortgage lender. As a result, most of time, the second mortgage lenders do not foreclose the property. However, they can charge off the loan and then a collection agency will collect the dues from you.
Feel free to ask if you've further queries.
Sussane
JoeyU Guest
Posted: Tue Nov 03, 2009 12:04 pm Post subject:
I have one for anyone who can help! I have a first at 201k and second at 25K.. the house will only sell for maybe 199K (maybe). I got a huge paycut... now my wife and i just want out of the house.. we were told we don't qualify for a Load Mod to lower payments.. we haven't missed a payment in 3 years. We have money in our 401K and have about 10K cash.. we want to just get out of our house because we can rent better houses for half of our mortgage. Now to my question...
If we just stop making payments because we just want out of our house and we don't care about our credit ratings Can they take money from our 401K or our bank account? Will that affect a short sale?
If you stop the mortgage payments and walkaway from the property, the lender would initiate foreclosure actions against it. After the foreclosure sale, you would be responsible for paying the balance amount to the lender. If you cannot pay off the balance dues, then the lender may garnish your savings account.
You can check out the option of deed in lieu of foreclosure. This will help you in getting rid if the property and you won't be responsible for the deficient amount resulting from the sale. However, the credit effects in both these cases would be the same - your credit score would be lowered by 250 points.
Feel free to ask if you've further queries.
Sussane
JoeyU Guest
Posted: Wed Nov 04, 2009 12:12 pm Post subject:
Smithsussane... Thanks for the reply. What if we took that out and put it into a safe deposit box.. We are going to try a short sale first but the second mortage GreenTree won't even think about working with us until we miss a payment. Plus they were completely rude on the phone. We are cash straped but getting out of this house will real help. Let me ask this.. would it be better to take 25K out of our 401K (which would be everything) pay the extra taxes and just get out of the house? Or keep the 401K and see if they come after us for the remainer?
adonis
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