I found out today our 2nd has been charged off.We're discharged from chap. 7 5-30 and the house is zillowed at 300,000,the 1st is 207,000 and the second was 210,000.Hopefully this will be a chance to work out some sort of settlement down the road to get the house above water.Does anyone have any knowledge or experience with this type of situation that could let me know what to expect?
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Ricky, the 2nd should be showing "Included in Bankruptcy", hopefully that is what you meant when you said charged off. Regardless, if you search the forum for "settling second mortgage" you will find quite a few very helpful threads on how others have done this. Good luck to you!Originally posted by RickyC View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
We did not surrender the house.The second told us call back if you modify your 1st.We modified the first then I called the 2nd back (8 months late) and they said it was going to charge-offOriginally posted by newbie2 View PostComment
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Charge off is just for accounting...what do you think the home is worth? If it is anywhere close to 300k then the 2nd has an incentive to foreclose...not that they will. Assuming it is worth close to ~300k, I would say you are going to have to come up with ~50-70k to settle the 2nd as they would likely be able to get that if foreclosed...again, assuming its worth 300k.Comment
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If we can get some form of finacing post BK,a 70,000 2nd would be better than a 210,000 second right?Originally posted by daytona View PostComment
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Absolutly.....Comment
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