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2nd mortgage x

  • Homeowners Claim after Bankruptcy on a Ride thru Mortgage

    Ok so we filed Chapter 7 in 2009. We had a first and 2nd mortgages. Our house value is under water. We have continued paying our first and haven't made any payments on the 2nd in 5 years. We don't even hear from them any longer. Of course we realize they still hold interest in the property. ...
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  • Elk65
    started a topic Wells Fargo 2nd Motgage

    Wells Fargo 2nd Motgage

    Need some help with this question: I filed 13 and was advised to surrender our home that had a 56k 2nd mortgage. both of these loans were submitted to the attorney when I filed. The home was foreclosed and our attorney is now saying that Wells Fargo could still come back and sue us for the 56k because...
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  • Second mortgage 6 months now with no payments

    Hi all,
    I have not been here for a while and without retelling my long and boring story over again I do have a question. Was discharged in August in a chapter 7 and did not reaffirm both 1st or 2nd mortgage. We are underwater on our second mortgage by about 70,000.00...1st mortgage is now pretty...
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  • NeedHelp71
    started a topic Will 2nd Foreclose on Upsidedown Mortgage?

    Will 2nd Foreclose on Upsidedown Mortgage?

    My 2nd mortgage was discharged in a Chapter 7 bankruptcy two years ago. I understand they can still foreclose because they still hold a lein on my house...my question is ~ will they?

    1st Mortage - owe $130k - no late payments, completely up to date
    2nd Mortgage - owe $30k - many...
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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...
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  • Filed Ch 13, Upcoming CH 7, what to do about 2nd Mort??

    Hi,

    I filed Ch13 last year as my husband was laid off for 15months and had high credit cards, 2nd Mort. was not stripped, I owe $215,000 on 1st Mort., $90,000 on 2nd Mort, house was evaluated last year at $265,000-$275,000, BK Atty. said we couldn't strip it. I was approved for a loan...
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  • Chapter 13, Consensual 2nd Mortgage CRAMDOWN on primary residence.

    I apologize in advance because this post will get a little technical.

    http://www.cob.uscourts.gov/opinions...891opinion.pdf

    You read that right, cram-down on 2nd mortgage. Interesting new (revised) strategy emerging for dealing with 2nd mortgages on primary residence. Since...
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    Last edited by HHM; 10-03-2010, 05:31 PM.

  • underwater2
    started a topic Chapter 13 questions- 2nd lien settlement

    Chapter 13 questions- 2nd lien settlement

    I had a few questions but would also like to get any other thoughts on what I might not be considering or asking my attorney. I am planning on filing Ch 13 in 30 days to strip the 2nd.

    I am trying to settle with the 2nd for 20% of the balance by borrowing $. They have basically told...
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  • scs30885
    started a topic Help!! Lien strip / cram down

    Help!! Lien strip / cram down

    I want to file chapter 13 but my scenario is a little different then most.

    1st mortgage owed: $128,000
    2nd mortgage owed: $118,000
    TOTAL OF 2 MORTGAGES = $246,000

    My property which is a duplex is worth about $161,000

    Can I still do a LIEN STRIP...
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