Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Balloon payment comes due after discharge

Collapse
This topic is closed.
X
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Balloon payment comes due after discharge

    We filed in 2007 and were discharged ch. 7 in Feb. 2008. Our 1st and 2nd mortgage were discharged in the Bk. We did not reaffirm them. We have lived in the home for 15 years and planned on just continuing to pay the 1st and 2nd. Things have been looking up for us. My husband was recently unemployed, but I have gone back to work, full time teaching. We are staring up our own company, real estate brokerage. We are hopeful that we will catch the wave when it comes back around. Anyway... Just found out that our second mortgage was a balloon payment and we owe the 71K on March 1st. We are current on our 1st and 2nd. Our home is about 150K negative equity. Not sure what to do, and if we stop making the payments, how long until forclosure sets in. Also , since they were both discharged with the BK will we get a forclosure on our credit report ?? UGH!!! Thought we were done with all of this!
    Filed 11/2007 Ch.7
    Discharge 2/2008

  • #2
    Originally posted by upward View Post
    We filed in 2007 and were discharged ch. 7 in Feb. 2008. Our 1st and 2nd mortgage were discharged in the Bk. We did not reaffirm them. We have lived in the home for 15 years and planned on just continuing to pay the 1st and 2nd. Things have been looking up for us. My husband was recently unemployed, but I have gone back to work, full time teaching. We are staring up our own company, real estate brokerage. We are hopeful that we will catch the wave when it comes back around. Anyway... Just found out that our second mortgage was a balloon payment and we owe the 71K on March 1st. We are current on our 1st and 2nd. Our home is about 150K negative equity. Not sure what to do, and if we stop making the payments, how long until forclosure sets in. Also , since they were both discharged with the BK will we get a forclosure on our credit report ?? UGH!!! Thought we were done with all of this!
    Can you afford to get a new loan on the 71k? If not they will start some form of collection action or foreclosure proceedings probably after 60-90 days or contact you about a loan mod. Also since you have a BK on your credit report it's probably trashed anyway. I don't think a foreclosure would make that much difference but that's a guess.

    Comment


    • #3
      If you are that far underwater I'm not sure I would bother trying to refi the 2nd. In fact you would probally not be able to refi it. You have nothing to offer to secure the new loan.

      Your were discharged and not reaffirmed so there would be no new record on your credit report. You are right on the bubble for maybe getting a new FHA home loan purchase and now is a good time to buy if you want too. The trick is if you try to buy after your get forclosed on then there is a seperate record of that for mortage brokers and they would deny you for a home loan. This does not affect any other aspect of your credit however.

      As far as how long you have that depends on what state you are in. Odds are if you stopped paying now you would have at least 4-5 months before you had to move. Some states you could be looking at YEARS.
      3/2/09- Filed: chapter 7 / No asset
      4/1/09- 341 Hearing: 1 creditor showed up Got to love family feuds
      4/2/09- Trustee Report of No Distribution Filed
      6/24/09- Discharged and case closed

      Comment


      • #4
        second mortgage was a balloon payment and we owe the 71K on March 1st
        If your house is worth less than what you owe on the first mortgage...
        1. Get a current market analysis from a Realtor (someone other than yourself).
        2. Gather about $7,100.
        3. Stop paying your 2nd mortgage
        4. When they start calling, negotiate a settlement to have the 2nd mortgage remove its lien (for $7,100, or 10% of the balance owed).

        See here for explanation of the strategy
        http://askmethner.com/?p=450

        Note, you cannot force the bank to settle, but if you are that upside down and since you filed bankruptcy, the bank with the 2nd only has a worthless foreclosure right.

        Comment


        • #5
          We are in California. Seeing if the 2nd would settle is probably our best option. Never thought about that, but you are totally right, the 2nd is going to get nothing if they foreclose. Hmm, something to think about!
          Filed 11/2007 Ch.7
          Discharge 2/2008

          Comment


          • #6
            Hey Upward, wondering if you ever settled with the second on this matter?

            Comment


            • #7
              Please do not revive old threads. The OP has not posted for 4 years and based on the most recent posts, decided to give up the home.
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

              Comment

              Unconfigured Ad Widget

              Collapse
              Working...
              X