Posted on: 05th Nov, 2010 11:03 pm
We have a home where the first mortgage is 247,000 and the 2nd is 280,000 we were awarded a loan modification on the 1st loan.I have become permenently disabled and we are not able to pay the 2nd which is a secured line of credit. they are both with bank of america.The house now appraises for approx. 300,000 thankyou
Hi rsrinnie,
Rather than filing Chapter 7, I will suggest you to contact Bank of America once again and apply for a loan modification on your second loan. If the lender agrees to it, then you will be able to get an affordable payment plan to pay off the dues. It will also help you in saving the property.
Thanks
Rather than filing Chapter 7, I will suggest you to contact Bank of America once again and apply for a loan modification on your second loan. If the lender agrees to it, then you will be able to get an affordable payment plan to pay off the dues. It will also help you in saving the property.
Thanks