Posted on: 27th Jan, 2010 10:01 pm
Going through hamp 1st mortgage is 2% for 5 years then 5% for 35 my home is worth 469k 1st is for 465k second is 75k at 4.5 adj through my credit union I am trying to do a loan mod through my credit union but it's been 6 months no response should I file bk since I am on cusp of being all upside down my first also deferred 36k does that matter I make 60k and it's tough my only other debt is 20k on visa
I also used naca I am In second month on my hamp my payment is 1232 plus 300 for taxes my second is 300 but that's only interest and it goes up next year to pay principal it will probably triple it's one of those home equity loans I bought my home for 169k but took out 300k and invested it all in one company and the CEO went to jail for bank fraud so I lost it all
hi brandboycohen,
your first mortgage lender has reduced the interest rate on the first mortgage to quite an extent. but if your second lender does not accept your request for the modification, you will not be able to afford the mortgage payments. moreover, if the second mortgage adjusts in future, things will get more difficult. in that case, you can consider the option of filing bankruptcy. you can either file bankruptcy chapter 7 and have the debts discharged or you can also file chapter 13 and pay off your debts through a repayment plan. but if you want to keep the house, bankruptcy chapter 13 is a better option than chapter 7.
your first mortgage lender has reduced the interest rate on the first mortgage to quite an extent. but if your second lender does not accept your request for the modification, you will not be able to afford the mortgage payments. moreover, if the second mortgage adjusts in future, things will get more difficult. in that case, you can consider the option of filing bankruptcy. you can either file bankruptcy chapter 7 and have the debts discharged or you can also file chapter 13 and pay off your debts through a repayment plan. but if you want to keep the house, bankruptcy chapter 13 is a better option than chapter 7.
Ya naca.com is great I just emailed my credit union to ask to reduce loan balance and told them I might declare bk can I still declare bk after hamp is finalized