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Just received discharge- now what about 2nd mortgage?

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  • Just received discharge- now what about 2nd mortgage?

    Just received my discharge in the mail this week. Reaffirmed our first mortgage, but did not reaffirm the second mortgage. My question is: should we continue to pay the second mortgage? I understand a lien will still be there, but just wondering from a financial perspective, if it makes more sense to save that money rather than paying the second mortgage? Our recent tax assessment lists a fair market value that would completely cover the first mortgage and cover about $6K of the second which has a total of $50K due. I've also got plenty of student loan debt that I could be paying that wasn't discharged. Thoughts?

  • #2
    Try settling with them. If you are underwater you should be able to settle for @ 10%

    Comment


    • #3
      Attempting to settle may be a little dicey here. I'm assuming the property is in Illinois - the second would have to go to court to foreclose. Whether it makes financial sense for them to do so is another story. Some additional information that would be useful here would be the amount of the first mortgage and the property value. Take it from someone who dared an underwater second to foreclose.
      C7 Filed: 2009-11-06 | 341: 2009-12-14: | DISCHARGED: 2010-02-09
      Condo: Walked away due to 2nd mortgage intransigence; 1st foreclosed. Now totally DEBT FREE!!

      Comment


      • #4
        Originally posted by Yolanda09 View Post
        Just received my discharge in the mail this week. Reaffirmed our first mortgage, but did not reaffirm the second mortgage. My question is: should we continue to pay the second mortgage? I understand a lien will still be there, but just wondering from a financial perspective, if it makes more sense to save that money rather than paying the second mortgage? Our recent tax assessment lists a fair market value that would completely cover the first mortgage and cover about $6K of the second which has a total of $50K due. I've also got plenty of student loan debt that I could be paying that wasn't discharged. Thoughts?
        Why did you reaffirm the first mortgage if you were going to let the 2nd be discharged? (Did your attorney recommend that course of action???)
        The only thing you can do now is to keep paying on the 2nd or try to negotiate a cash settlement with them to release the lien.
        Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
        I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

        Comment


        • #5
          You have 60 days from the date of discharge to rescind a reaffirmation agreement. If Illinois IS NOT a non-recourse (anti-deficiency) state I strongly urge you to rescind. Even if it is a non recourse state, why would you reaffirm?

          Des.

          Comment


          • #6
            Illinois is a deficiency state. You obviously intend to keep the house since you reaffirmed the first morgage. My guess would be you need to pay that second if that is your intention.

            Comment


            • #7
              Bigger question I'd have is why the lawyer recommended reaffirm the 1st, yet not the 2nd? He/she had to know there would be an issue down the line and foreclosure in the future if not able to settle and get the lien released, since the choice was made not to reaffirm both mortgages.

              Comment


              • #8
                Originally posted by Pandora View Post
                Bigger question I'd have is why the lawyer recommended reaffirm the 1st, yet not the 2nd? He/she had to know there would be an issue down the line and foreclosure in the future if not able to settle and get the lien released, since the choice was made not to reaffirm both mortgages.
                pandora makes an excellent point. i don't understand why your atty would have recommended to reaffirm...actually either of them.

                i would contact them and see if you could settle...we did...for about 20 cents on the dollar...that was even before we filed bk...they grabbed it and ran with the money.

                p.s. pandora...love the new addy!! we can see your shoulders better now...
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment


                • #9
                  Originally posted by mrskal View Post
                  Illinois is a deficiency state.
                  OMG!! As you all know, this is a pet peeve of mine. Why on earth would OP reaffirm? OP, you need to rescind the reaff (last chance to do so - 60 days from date of Discharge). If you don't and you default and/or lose the home (unless the 2nd steps in to pay the 1st - never will happen), the 1st will sue the crap out of you. If you had an attny find out why you were allowed to put your financial future at such a risk - and please don't tell me that you wanted to reaffirm to help your credit report. If you didn't have an attny, shame on the Judge who allowed this.

                  Des.

                  Comment


                  • #10
                    Originally posted by despritfreya View Post
                    OMG!! ..

                    Des.
                    Holy crap - Des used a "text msg acronym" LOL Now thats a first made me chuckle.

                    Comment


                    • #11
                      Originally posted by Pandora View Post
                      Holy crap - Des used a "text msg acronym" LOL Now thats a first made me chuckle.
                      Pandora, I even know this one: ROFLMAO.

                      Des.

                      Comment


                      • #12
                        Originally posted by despritfreya View Post
                        Pandora, I even know this one: ROFLMAO.

                        Des.
                        LOL! You're funny this morning... quit making me laugh and smile - it's very unbecoming of me *snickering*


                        On a more serious note and back to the OP - I'd definitely do as Des states and get it rescinded - if a lawyer was involved in it, big ol' smack on the hand for allowing it.

                        Comment


                        • #13
                          Originally posted by Pandora View Post
                          LOL! You're funny this morning... quit making me laugh and smile - it's very unbecoming of me *snickering*


                          On a more serious note and back to the OP - I'd definitely do as Des states and get it rescinded - if a lawyer was involved in it, big ol' smack on the hand for allowing it.
                          I'd take the advice of a REAL lawyer, not the one you had. Des is a REAL lawyer. Please consider his good advice.

                          BTW (a text accro?) You have been registered for more than a year. That gets you two Victory (hamster dances) Dances. One for your discharge, and a second for your forthcoming rescission of your affirmation.

                          http://video.google.com/videoplay?do...1868978665655#

                          http://video.google.com/videoplay?do...1868978665655#


                          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                          Comment


                          • #14
                            Originally posted by AngelinaCatHub View Post
                            I'd take the advice of a REAL lawyer, not the one you had. Des is a REAL lawyer. Please consider his good advice.

                            BTW (a text accro?) You have been registered for more than a year. That gets you two Victory (hamster dances) Dances. One for your discharge, and a second for your forthcoming rescission of your affirmation.

                            http://video.google.com/videoplay?do...1868978665655#

                            http://video.google.com/videoplay?do...1868978665655#


                            Hey 'Hub - wasnt me who org. posted . yeah.. "texting accronym".... is that not correct? What would you call it?

                            Comment


                            • #15
                              Hi Yolanda,

                              First of all, I agree w. the others, rescind the reaffirmation if you can. Stay current on the first since you plan to keep the house.

                              As tobee said, the 2nd can be settled for pennies on the dollar. First get an appraisal acceptable to the 2nd lender (call and ask who they use), then get the payout amount from the 1st, then find out what foreclosed homes comparable to yours have been selling for (get a real estate agent or go the courthouse and pull records), then (and this might be the hardest) find a person at the 2nd lender who actually has the authority to negotitate terms on a settlement.

                              Appraisal minus 1st payout minus 10% for sale costs = the highest you should go

                              Foreclosure sale prices minus 1st balance (not payout) minus 20% sale costs = your target

                              Start about 10% lower than your target and go for it....

                              Tom in Colo
                              Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

                              Comment

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