Posted on: 11th May, 2009 09:49 pm
My wife and I filed chap.7 BK in sept 08, recv'd discharge jan,09.
1st mtg with cntrywide with $251k owed 2nd w/BOA with $36k owed-both incl'd in BK and not reaffirmed. Our home value has dropped to $170k!(Las Vegas). We have never missed a 1st mtg payment but due to job loss in feb 09 we are 2 months behind on 2nd. BOA Continues to call and has sent a letter threating foreclosure if not caught up to date. We stopped paying on the second because we were told BOA wouldn't foreclose because of how upside down the house value was to the total amount owed and since they were 2nd mtg holder foreclosing would cost them money any they would receive absolutely nothing. I thought they weren't even supposed to contact us about late payments since they were included in the B.K.
Cntrywide now is owned by BOA, will they foreclose? Any suggestions?
1st mtg with cntrywide with $251k owed 2nd w/BOA with $36k owed-both incl'd in BK and not reaffirmed. Our home value has dropped to $170k!(Las Vegas). We have never missed a 1st mtg payment but due to job loss in feb 09 we are 2 months behind on 2nd. BOA Continues to call and has sent a letter threating foreclosure if not caught up to date. We stopped paying on the second because we were told BOA wouldn't foreclose because of how upside down the house value was to the total amount owed and since they were 2nd mtg holder foreclosing would cost them money any they would receive absolutely nothing. I thought they weren't even supposed to contact us about late payments since they were included in the B.K.
Cntrywide now is owned by BOA, will they foreclose? Any suggestions?
Hi mserv,
Though you included the mortgages in bankruptcy and got them discharged, you are still liable to pay though you did not reaffirm them. If you would have surrendered the property, then the issue would have been different.
Now, as you are residing in the property and not paying the mortgage dues, the second lender has the right to foreclose the property.
Though you included the mortgages in bankruptcy and got them discharged, you are still liable to pay though you did not reaffirm them. If you would have surrendered the property, then the issue would have been different.
Now, as you are residing in the property and not paying the mortgage dues, the second lender has the right to foreclose the property.