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Forclosure on 2nd...CH 7

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    Forclosure on 2nd...CH 7

    We filed for Chapter 7...had the 341 meeting and all went well. Today my attorney calls and said that Wells Fargo just sent them a letter to file for release of the 2nd mortgage because we are behind 3 months. My attorney knew we were behind AND we talked to the bankruptcy dept at Wells before the 341 meeting who told us they would work with us if the Trustee would approve to redo the terms of the loan. My attorney said that the Trustee's never do that but they failed to tell us that until now! Our 1st mortgage is with Wells so.
    What can we do? Will we lose the house?

    #2
    If you can't make arrangements to get current on the 2nd mortgage, you will lose the house.
    First thing you need to do is look at the big picture. If you have negative or, just minimal equity, it may be a good to just give up the home.
    If you can't work something out with the lender, a Chapter 13 will be the only other alternative.

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      #3
      So If we can come up with $1500 (3 months) then we should be able to keep the house? We do have equity and we don't want to give up the house.

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