1st mortgage solved, here is the deal on the second

[sadandconfus]

what is your situation again? did you file?

[getmeoutofhere]

Update

I have not accepted the 10% offer yet. I will make a decision in the next week or so. My plan will be to go back and accept the 10% offer so long as can be paid over 12 months. 10% would be $15K, or $1250 per month with a full lien release. I will let you know if it gets accepted.

[spidge]

10% sounds great but will they take it over time or do you have to pay the full amount ASAP?
I am 3 months behind on my 2nd so am following this thread closely. They have yet to offer any solutions.

[biotechsolution]

Update:
Spoke to GMAC again. They said they will absolutely not go below 10%. Told them fine... I would file BK and have it stripped. He said once I select an attorney, to let him know.

Not sure if I am going to be able to get them lower than 10%. I am going to sit on this for awhile and see what happens....

The only way you could strip the 2nd would be in a chapter 13. That could cost you a lot more over the 5 years.

[RickInMich]

Take the 10%. That is a great offer, in my opinion. Are you planning on filing Chapter 13? Isn't that the only way to lien strip a 2nd?

[getmeoutofhere]

update

Update:
Spoke to GMAC again. They said they will absolutely not go below 10%. Told them fine... I would file BK and have it stripped. He said once I select an attorney, to let him know.

Not sure if I am going to be able to get them lower than 10%. I am going to sit on this for awhile and see what happens....

[BKINAZ]

After 90 they will start to talk a little...but seriously...don't expect much. "You don't have it...your parents might loan you a lump sum to settle, otherwise don't expect any payments from me...I am trying to get money for you but I need to keep paying my first, but that's all I can do right now is try."

[NeedNewStart]

I'm just over 3 months behind on my second mortgage. How are you going about starting the "settle it" talks?

[BKINAZ]

Other reasons. Very good reasons. Like a retirement account that was not set up for a retirement account (just never thought we'd have to file bk) and oh yeah a collector car.

With that said between the Mortgage Modification, Deed in Lieu and what will amount to about $22k in credit card settlement (money from retirement) we can be done and not file. That's a small sacrifice considering it was nobody's fault but our (my) own that we are in this mess. I can pretend that my creditors are the jackals...but lets be real...we created the jackals.

In addition, long short story I have to wait till January 2010 to file and quite frankly it's worth the money not to get the phone calls, harrassments and possble garnishment or suits in that time frame.

PLUS...I can file for BK in the future if I need to and it will have cost me $22k to try and not too right now.

[sadandconfus]

bkinaz: you are underwater and have 70k in unsecured debt. in reason you are trying not to file bk? is it just because of credit or other reasons?

[BKINAZ]

ALBA thanks for the hard reminder about foreign banks...mine is compass and they are owned by a german bank. I was getting excited by GETS success and you kick me in the gut. lol BTW still wondering why if he was hoping to get between 5% and 30% that he won't settle for 10%?

I am like 83 days behind and talked to them last week...they told me in 7 days it would be 90 days behind. I thanked them because I didn't have my calculator handy. lol They did show a little bit of movement in offering me 2% (vs 7%)....so it is good to see someone having success with a second.

BTW just got my mortgage modification offer...our mortgage was $2,600 a month...it is now being reduced to $1,750 and that will probably keep us out of bk.

Chase/Fannie btw...

[albacore44]

albacore44

Why are you both waiting to file? I am screwed to but would like to know why wait.

I got some large BT's in 2008. Also my income was cut around the end of last year. I just stopped paying CC's last month. as painful as it will be, I want things to age a bit.

[spidge]

albacore44

Why are you both waiting to file? I am screwed to but would like to know why wait.

[sadandconfus]

i have an appt with attorney to see if i can do a 13 instead of a 7 because i'm not current on my house and i want to keep it even though i'm so far underwater.

[albacore44]

What a lot of people don't understand is many of these mortgages are just being serviced by you holder when you think they actually own it. Many of these mortgages are owned by foriegn banks.......and they are not playing ball

example= good friend of mine has his loan with Indymac........remember them ?? FDIC took them over. He got behind because he has a sick child with kidney failure, and the medical costs to treat the child are big. He begged Indymac for a modification and was told the investor doesn't offer any. I was watching court records for him. sure enough an unlawful detainer shows up under his name, only the creditor shows as Deutsch bank. I asked him, do you have any loans with Deutsch bank. answer= no. Now he is filing Ch 13 to save his house. He was also sending $600 a month to some debt settlement agency in Texas to pay off his Credit Cards, he thought he was doing the right thing. when i found out I told him stop paying that now, your digging a deeper hole so he will be filing a few months sooner than me. we swap debt stories of the week on our friday nights tequila drinking night.