Hello, has anybody negotiated a 2nd or Heloc down after a chp7? Is it easier to negotiate a 2nd or Heloc before or after a chp7? I want to do a chp7 but also have several loans that need to be modified. Should I wait until discharge or get the loans modified before? Do you have more bargaining power before or after a chp7 with not reaffirming? Your help is greatly appreciated, thank you.
-
-
I think the answer you seek is a bit of a holy grail -- everyone (me included) seems to be looking for someone with luck pulling this off. -
My life would be "unbelievable" if I could get rid of my HELOC.Chapter 7 filed 10/21/2008
341 - 11/26 went smooth
NO ASSET
Took 115 days after 341 - But Finally DISCHARGED 3/25/09
Comment
-
DittoOriginally posted by relief13035 View PostStopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7Comment
-
That stupid HELOC lured me in. Like "here you go ma'am, we want to give you TONS of money, cuz your house is worth so much".......just tape a sign on my head that says "sucker".Chapter 7 filed 10/21/2008
341 - 11/26 went smooth NO ASSET
Took 115 days after 341 - But Finally DISCHARGED 3/25/09Comment
-
Ditto times two!"I'm old enough to know better, but too young to care"
Filed Chapter 7 January 25th 2010
341 Hearing March 4th 2010
Discharged May 10th 2010Comment
-
In theory, it would probably be easier to negotiate a HELOC after a chapter 7, because you have discharged your personal liability. Thus, all they have is a lien and thus you could probably negotiate some lump-sum amount to pay them to release the lien.
However, if you won't have access to a lump sum, then you may want to negotiate a reaffirmation agreement "during" the chapter 7.
I haven't seen too many people have any luck negotiating a 2nd or HELOC before chapter 7 and many of the formal modification programs are only for primary mortgages.Comment
-
My thoughts exactly. It all depends on how much cash you have.Originally posted by HHM View PostComment
-
My atty just agreed to write a 5500 buyout offer to my bank for my 2nd. (the principal is currently 39k).
Crossing my fingers....!
Man, If this works out, I could approach the lender for my 1st for a rate adjustment...man I just gotta stop thinking about it.Comment
-
Should you try to negotiate yourself in this case, or have your lawyer do it? In our case, half of the HELOC went to pay off that same bank's VISA - was hoping we could get it to half or less of the balance and pay off (relative would help us if this is possible).Originally posted by HHM View PostFiled Ch 7 -- July 9, 2008
341 mtg ---- August 14, 2008
Discharged ---- October 17, 2008
Closed --------- December 11, 2009!Comment
-
oops double post accidentallyLast edited by PoorGrammyinBK7; 03-11-2009, 12:12 PM.Filed Ch 7 -- July 9, 2008
341 mtg ---- August 14, 2008
Discharged ---- October 17, 2008
Closed --------- December 11, 2009!Comment
-
Sounds like you are going to try and stay in your home after all Tom, right?Originally posted by Tom_Mi View PostFiled Ch 7 -- July 9, 2008
341 mtg ---- August 14, 2008
Discharged ---- October 17, 2008
Closed --------- December 11, 2009!Comment
-
The problem with having an attorney do it for you is that s/he will not hound the lender and hounding the lender is really what you must do.
I only know of two people who settled junior liens and they were big time proactive calling the lender constantly.
I really don't think a one time letter from an attorney is going to cut it, but, things are changing weekly, so you never know.
Bottom line, though, I would not give up on the first try, or even after that.Comment
-
If I can shed the 2nd, we'll stay.Originally posted by PoorGrammyinBK7 View Post
I'm giving the atty a chance to negotiate it because it's a writedown, and I'm worried the bank won't go for that for every average joe that calls.
If this works, I have no problem handling a rework on the 1st loan myself.Comment
Comment