Basically, all the debt we had was through some businesses we (he) owned. My house had been appraised (by Zillow) for $280K for the last couple of years. At that point you’re in a world of trouble.

If you’re planning to keep the house then maybe you should complete what is the average mortgage rate for some that has had a chapter 7 bankruptcy the settlement of the 2nd mortgage while they’re willing to do it. We had an automatic payment plan setup before the bankruptcy occurred, but since the filing, the automatic payments have stopped and we have not made a payment. If the value is relatively close to the balance on 1st then you will have to deal with the 2nd mortgage sooner than later because eventually the value of the house will go up high enough for the 2nd mortgage company to be able to foreclose. The following is for educational and medical purposes only.

You will get an exclusion for any amounts discharged, which is in fact, all of it. May the average cost to file for chapter bankruptcy protection, the most while the. I understand that the loan was discharged off in the bankruptcy what is the average mortgage rate for some that has had a chapter 7 bankruptcy and they cannot collect on it any further. THEREFORE, the probability of them foreclosing is lower and lower when the value of the house is lower than the balance on the 1st mortgage.

What most clients will do is make an offer to settle the 2nd mortgage lien in one payment, one time with no balance owing afterwards, and you must get that in writing from the bank before you mail your cashier’s check. We heard a lot of second mortage banks are taking 10%, if they need more, we wont be able to pay much more. We go notice that our 2nd mortage company is going bankrupt. Alternatively you could probably qualify for a loan modification on the 2nd mortgage.

It says on my Credit Report “Charge Off by Chase. Lawer told me he would charge $2000 for it. I file a chaptar 7, i get discharge on 06/18/12, last pymnt on both was on dec/11 total value of my condo is about 170k (las condo was sell on this $) 1st mortg 134K and 2nd 132K (diferent banks), i doing short sale bout i really i dont want to do it, any where i go i will pay more just for rent. My wife and I just received our discharge letter for Chapter 7 Bankruptcy.

Will filing Ch7 help me avoid paying taxes on this. Have letter from bank stating 1st mortgage had been “frozen” what is the average mortgage rate for some that has had a chapter 7 bankruptcy at 175,400 after last mortgage payment was made. The lienholder then was GMAC but now a new servicing company has taken over. I’m sure $2800 a month seems affordable to them, but this is a high cost of living area. Is there anything we can do to get the credit reports to reflect the fact that we are still in good standing on both of these. HOWEVER, you are now at this writing what is the average mortgage rate for some that has had a chapter 7 bankruptcy in an uptrending market.

There’s a problem you have that probably cannot be fixed. Of course, when is a house most likely to burn down. HOWEVER, when the 1st and 2nd are held by the same company and that company is a credit union, it may be possible that they’d foreclose but if the payment on the 1st is getting paid, then it’s still not very likely.

If so, how much time do they have to give me. My wife and I filed chapter 7 and it was discharged. That’s a lot of excellent questions. I don’t know how much what is the average mortgage rate for some that has had a chapter 7 bankruptcy they’ll take.

We have equity in our home, so I am afraid they will foreclosure in the near future. Stripping the 2nd mortgage off in a chapter 13 requires that you complete the payment plan, so it’s majorly risky because if you have a hypothetical plan payment of $350/mo and you pay it for 2 1/2 years and then if you cannot pay anymore and you don’t get your plan completed, guess what, you just tossed $350 x 30 months out the window. Can Wells (the second) foreclose and sell my house while I’m current on the first. If you’re not in California, I can’t help you. Call my friend Tony Sobak for a consultation at http. My second was discharged but I kept paying on it until 2012, but just couldn’t do it anymore so I stopped.

I would have a hard time making ends meet here with 50% of my take home pay going to my mortgage. Or can they still hurt me with the balance of the loan on my credit after the fact. Is it really possible to do it on your own.

You cannot pay them unless you have it from them in writing that they will accept your what is the average mortgage rate for some that has had a chapter 7 bankruptcy settlement offer and that they will RELEASE the lien once they get the payment. Remember that they cannot call you to ask for payment. So, if you could get them to also state that they would release the lien and sign it too, that would really be optimal.

Thank you for this article it really opened my eyes. We owe 140k on our first and 72k on our second. REMEMBER however, that they must pay off the 1st mortgage in order to foreclose.

You state 10% of the debt (our 2nd is about $60K) when I called the company to find out what our options are, the rep told me they usually want 25% to 30% for the lump sum payment. So no missed or late payments on our house, we are still in it. Or more reasonably, at least every couple of days. Although I am still significantly upside down on the first and second.

Even more so because chapter 13 requires that you immediately go back to paying your regularly scheduled monthly mortgage payments on your 1st, and if the 1st was not yet modified on the date of filing the bankruptcy, then you’d be stuck with the unmodified mortgage payments. You may use these HTML tags and attributes. I am assuming that I am going to have to pay taxes on the dismissed amount, and therefore, will owe alot of money this year in taxes. Or possibly file a chapter 13 bankruptcy.

Find great deals on ebay for crate and barrel furniture in sofas. I have a 1st and 2nd mtg and included my 2nd mortgage in the BK and completed a modification on my 1st mortgage after the BK was discharged. The payments are basically interest, should we be paying it or saving it. I think your questions sound like loan modification questions rather than bankruptcy questions. I can’t say if using an attorney would help or not because I don’t know your attorney.

I heard that you could possibly include your 2nd mortgage afterwards if you are unable to make your payments. I thought they could NOT legally add past due payments, penalties, or interest after we stopped paying. His 2nd was included but he kept making the what is the average mortgage rate for some that has had a chapter 7 bankruptcy payment for fear of foreclosure recourse. Find the best rates on personal loans unsecured loans at moneysupermarket.

They’ll wait until the value of the house is high enough to cover the first, 2nd, and the costs of sale before the foreclosed. Is there any chance our second mortgage bank (which was National city and now is PNC), would take a offer. I read the part about sending a letter to Wells to tell them that they can contact me.

From the county recorders office, it does not appear the name to either bank that is suppose to hold a lien has been amended or recorded. Continued to pay both for 1 year after discharge and stopped due to losing good job. If they don’t agree to release the lien, don’t send the check. It’s with a company called SLS and from what I have read online they sound pretty HARD to deal with. I have a question about how do I start negotiating on the second mortage with the bank. I would like to stay in my house and renegotiate with Wells, but I don’t want to look too eager.

A lot of 2nd mortgage companies are no longer accepting settlements because most of the real estate markets are rising right now. But once you do figure it out, then trying to compromise the debt is an excellent idea except that in a rising market, they might not be interested in taking an offer. The 2nd mortgage is offering me a Settlement of 10% of the amount.

I’ll say it again just in case you didn’t hear me, they must agree to RELEASE the lien in writing once they get your payment. Can we re-fi the 1st and basically what is the average mortgage rate for some that has had a chapter 7 bankruptcy ignore the 2nd. If the wrong attorney then you throw your money down a hole never to be seen again and nothing happens and you probably can’t prove whether he ever even called the bank or not. Engage them with worksheets on different free collection worksheet math topics and watch their math. We wanted to keep our home, so continued making the pymts.

I had to stop paying the 2nd mtg about 5 months ago due to reduced income by my employer. Ask them to take 10% and give you a release and ask them to give written confirmation that that is what they will do before you ever cut the check. The us private equity fund compliance guide will help to inform and educate.

Thank you so much in advance if you can help me with this. However, if you’re not a position to pay the regular monthly payment on the mortgage then a chapter 13 won’t work for you. My question is this, If they wrote off my loan, how can they now being asking for a settlement. I now want to sell my home and want to know if I have to settle the 2nd mortgage with the lender if the lien was included in my BK and I never reaffirmed the mortgage with the lender.

However, the 2nd Mortgage or Heloc would still have a lien on the property. I realize they are going to tell me a higher amount. However, you can hound and harass them like a collection agency’s pit bull all you want to. Do/will they refinance the negotiated amount. More than 70% don’t get a chapter 13 discharge because something happens that derails the payment plan such as a work stoppage or an illness, or a busted transmission.