Hi All,
I am 1 year into not paying cc's - 60+k between me an wife. 3 invest properties are in foreclosure.
My big dilemma is whether to keep primary or not. Its worth $350k or so with $365k on first and $123k on second.
The second loan may accept 10k to settle. But im not sure if i id be throwing money away as im not eusre if i should walk away or not.
Im wondering.. if i mod the first and continue paying them and then the second gets charged off, what happens when i finally declare? Will I be forced to reaffirm both loans or may the second get removed as unsecured?
If it isnt written off as unsecured, what happens to it?
Also, im wondering, when I do declare, if im in foreclosure on my primary res, do i have to move out after I file (as a lawyer had told me) or can i ride it out there and save up money?
Thanks for the help.
I am 1 year into not paying cc's - 60+k between me an wife. 3 invest properties are in foreclosure.
My big dilemma is whether to keep primary or not. Its worth $350k or so with $365k on first and $123k on second.
The second loan may accept 10k to settle. But im not sure if i id be throwing money away as im not eusre if i should walk away or not.
Im wondering.. if i mod the first and continue paying them and then the second gets charged off, what happens when i finally declare? Will I be forced to reaffirm both loans or may the second get removed as unsecured?
If it isnt written off as unsecured, what happens to it?
Also, im wondering, when I do declare, if im in foreclosure on my primary res, do i have to move out after I file (as a lawyer had told me) or can i ride it out there and save up money?
Thanks for the help.