i just wanted to post this for people to see and might help them. i just filed chapter 7. i have a first and second mortgage. i got a 57000 second mortgage to cover bills 1.5 years ago.
when i went to my lawyer and had all the paper work filled out and she went over it all and looked it over. we then went to sign the final papers for chapter 7. she said she reaffirmed the first mortgage but not the second mortgage. so we asked why
she said we only had 18,000 equity in our house and we got a 125% second mortgage. so 100% = 18,000 and 25% of 18,000 = 4,500. so the 125% second mortgage should have not been more that 18,000 + 4,500 = 22,500.
what does all this mean = predatory lender and it is illegal from what she says. the know you are in a bind so they jake up the loan amount and hit you with a good interest rate.
so we are going to go with the chapter 7, and if approved , we are going back to sue our second mortgage company for predatory lender
i know my spelling sucks and i have a hard time explaining myself, so no jokes please
when i went to my lawyer and had all the paper work filled out and she went over it all and looked it over. we then went to sign the final papers for chapter 7. she said she reaffirmed the first mortgage but not the second mortgage. so we asked why
she said we only had 18,000 equity in our house and we got a 125% second mortgage. so 100% = 18,000 and 25% of 18,000 = 4,500. so the 125% second mortgage should have not been more that 18,000 + 4,500 = 22,500.
what does all this mean = predatory lender and it is illegal from what she says. the know you are in a bind so they jake up the loan amount and hit you with a good interest rate.
so we are going to go with the chapter 7, and if approved , we are going back to sue our second mortgage company for predatory lender
i know my spelling sucks and i have a hard time explaining myself, so no jokes please
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