Posted on: 29th Jan, 2010 08:58 pm
What should I tell eagle community credit union I want for a modification they told me they do not do a loan reduction on ACTIVE loans I am also in my first month of hamp. I have a heloc that will increase in a year to include principal but they said they can extend that they also said they will do a cash settlement buts it's 75k and I'm all underwater on my heloc my loan is 465k my homes value is 465k so 2nd is all underwater can I do bk after hamp is finalized or will that jeopardize my new hamp 1st?
hi brandboycohen,
what type of bankruptcy do you want to file? bankruptcy chapter 7 or chapter 13? there is a concept called lien stripping in bankruptcy chapter 13. if your property is worth less than what you owe on your first and the second mortgages and if the current value of the property does not cover even a portion of the second loan, the second mortgage lien can be stripped off through chapter 13. you can then continue making payments on your first mortgage under the chapter 13 repayment plan and pay off the loan. you can consult with a bankruptcy attorney and check out if your second mortgage lien can be stripped off through bankruptcy chapter 13.
what type of bankruptcy do you want to file? bankruptcy chapter 7 or chapter 13? there is a concept called lien stripping in bankruptcy chapter 13. if your property is worth less than what you owe on your first and the second mortgages and if the current value of the property does not cover even a portion of the second loan, the second mortgage lien can be stripped off through chapter 13. you can then continue making payments on your first mortgage under the chapter 13 repayment plan and pay off the loan. you can consult with a bankruptcy attorney and check out if your second mortgage lien can be stripped off through bankruptcy chapter 13.