Ok this question is probably on here somewhere but I thought I'd ask again. We are filed and going to our 341 on Monday. We are current on our mortgage, both 1st and 2nd. The original mortgage is a very good rate, 5.25 the payments are low and we have no problem with that. The second however is 7.25 on a remaining balance of $23,000.00 we have 12 yrs left on the mortgage.
Now I keep seeing things on here about getting mortgage companies to lower payments, settle for less and so on. How does that work?
Do we need to stop paying the 2nd? I don't want to take a chance of losing this house. So if we reaffirm the 1st can the 2nd foreclose if we fall behind? Can we not reaffirm the 2nd and still reaffirm the 1st? This is so confusing to me.
How exactly do we get the 2nd mortgage to deal with us? We borrowed that money to pay off cc, which as you have probably guessed did us no good at all. We have nothing to show for that money, nothing. Do you have any ideas how we can get that 2nd mortgage lowered?
Basically with the 1st and 2nd we are about even on our house, we owe about what they say it's worth, probably a little under in this economy, nothing on this street is selling, they are all just sitting here looking pretty!
Now I keep seeing things on here about getting mortgage companies to lower payments, settle for less and so on. How does that work?
Do we need to stop paying the 2nd? I don't want to take a chance of losing this house. So if we reaffirm the 1st can the 2nd foreclose if we fall behind? Can we not reaffirm the 2nd and still reaffirm the 1st? This is so confusing to me.
How exactly do we get the 2nd mortgage to deal with us? We borrowed that money to pay off cc, which as you have probably guessed did us no good at all. We have nothing to show for that money, nothing. Do you have any ideas how we can get that 2nd mortgage lowered?
Basically with the 1st and 2nd we are about even on our house, we owe about what they say it's worth, probably a little under in this economy, nothing on this street is selling, they are all just sitting here looking pretty!