Posted on: 19th Sep, 2010 03:27 pm
I just received a discharge on my chapter 7 my house loans we’re included in the discharge... however I do still want to keep the house but I would like to work something out to lower my payments , does anyone know what my options are? I am up to date with payments never late but the house is under 20,000 more than it's worth. I owe 245000 and it may sell for 220,000 give or take a few 1000.
What I have are two home equity loans
20 year loan = $134000 @ 7.24%
30 year loan = $111000 @ 5.99%.
The total two monthly payments are $1900.00. I would like to combine the two and get a lower interest rate and maybe cut the payment down to 1200 or 1400.
Or do you think it's wiser to just walk away and wait for the bank to foreclose on us? My loans are with Citizens’ Bank I don't have a clue as to how long I could stay in my house before we are made to leave... All suggestions and feed back is welcome.
What I have are two home equity loans
20 year loan = $134000 @ 7.24%
30 year loan = $111000 @ 5.99%.
The total two monthly payments are $1900.00. I would like to combine the two and get a lower interest rate and maybe cut the payment down to 1200 or 1400.
Or do you think it's wiser to just walk away and wait for the bank to foreclose on us? My loans are with Citizens’ Bank I don't have a clue as to how long I could stay in my house before we are made to leave... All suggestions and feed back is welcome.
Hi imdk,
You will have to contact your lender and reaffirm the loan. Once the mortgage is reaffirmed, you become personally liable for the dues. Then you can contact your lender and apply for a loan modification. If the lender accepts that, then you'll get an affordable payment plan to pay off the dues.
However, if you wish to get rid of the property, then you can walkaway and let the lender foreclose it.
Thanks
You will have to contact your lender and reaffirm the loan. Once the mortgage is reaffirmed, you become personally liable for the dues. Then you can contact your lender and apply for a loan modification. If the lender accepts that, then you'll get an affordable payment plan to pay off the dues.
However, if you wish to get rid of the property, then you can walkaway and let the lender foreclose it.
Thanks