You are correct MSM, my statement did oversimplify the process, your response is much better advice and more properly focuses onthe many variables that folks should look at. Toss me a bone here, how did you settle the second for 15%? that sort of thing might really help me to keep my home... Is it hard to do?
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Filed Chapter 7 7/14/2011, 341 meeting 8/16/2011, discharged 10/19/2011! Note that my posts are not legal advice, so please do not sue me, I have enough problems already. -
I'd say that it depends on many variables...once you get discharged in Ch. 7 the ball is pretty much in your court...but the second can still foreclose if they get their ducks lined up, even 15 years later...Originally posted by PushRestart View Post
That being said, your particular situation will depend on how underwater the home really is, and who you're dealing with when it comes to the lender themselves.
What has been suggested on numerous occasions is to contact them sometime after the discharge (not too soon) and offer 5% of the original debt to settle...and then play it from there...
Good luck.No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you.Comment
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Settling the second was fairly easy -- it was modifying the first that was hard. I did all of it before I filed BK. My 2nd was with Citibank. I quit making my payment told them I had modified my 1st and wanted to settle my 2nd. Dealt with the short sale department. The key is whether you have any equity above your 1st. They ordered an interior BPO who came back and said I had over 50k equity (above my 1st) on a 191K 2nd. I had to argue and show them comps why that wasn't true and finally settled for 27K.Originally posted by PushRestart View PostComment
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