Posted on: 03rd Nov, 2009 10:34 am
hi:
it is possible to apply for chapter 7, keep my house with the first mortgage current and get the second mortgage discharged with the credit cards debts? i do not know what to do....i owe 80000 to first mortgage, 80000 to the second mortgage and the current value of my house is only 66000 (value on the tax proposal for 2009). i am unemployed and i have been paying my primarly mortgage and i sttoped paying my second because i cant afford it. i also paying hoa which is so expensive. so i do not know if a should just file for chapter 7 and let the condo go or i do have any chance to keep the property but paying just the first mortgage. also i want to add that my second mortgage was with wamu who broke last year and i do not what are they going to do. thanks
it is possible to apply for chapter 7, keep my house with the first mortgage current and get the second mortgage discharged with the credit cards debts? i do not know what to do....i owe 80000 to first mortgage, 80000 to the second mortgage and the current value of my house is only 66000 (value on the tax proposal for 2009). i am unemployed and i have been paying my primarly mortgage and i sttoped paying my second because i cant afford it. i also paying hoa which is so expensive. so i do not know if a should just file for chapter 7 and let the condo go or i do have any chance to keep the property but paying just the first mortgage. also i want to add that my second mortgage was with wamu who broke last year and i do not what are they going to do. thanks
Hi chaqui!
Welcome to forums!
I don't think the second mortgage would be discharged like an unsecured debt in your Chapter 7 bankruptcy filing. It is secured by a collateral and the second mortgage lender has the rights to recover his dues. He may initiate a foreclosure action against the property. I would suggest you to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think the second mortgage would be discharged like an unsecured debt in your Chapter 7 bankruptcy filing. It is secured by a collateral and the second mortgage lender has the rights to recover his dues. He may initiate a foreclosure action against the property. I would suggest you to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
thanks sussane. my question now is if current marketing value for my condo es only $66000 (could be a little bit more) and I owe to first bank $82000, how is the second mortgage going to recover anything of $88000 that I owe them? I do not know if I should apply for chapter 7 since i wont be able to pay the second mortgage but the first i can with my husband work. what will the point to apply for chapter 7 if i can afford the second mortgage so i will loose thw house anyways rigth? rigth now i havent heard anything about the second bank it looks loke they sold the account to a collection company, so what is next? i am paiyng the first mortgage due to a loan modifcation but i do not know what will happen after. should i be worried about second mortgaga rigth now or should i wait if they do something and then apply for bankruptcy inmediatly. i do not know what to do it is really frustaing thabks
Hi chaqui,
If the second lender has charged off the debt to a collection agency, then they would contact you and demand for the dues. If you are unable to pay off the dues, then the collection agency can sue you or place a lien on your property. You can try and negotiate with the collection agency and settle the dues.
Thanks
If the second lender has charged off the debt to a collection agency, then they would contact you and demand for the dues. If you are unable to pay off the dues, then the collection agency can sue you or place a lien on your property. You can try and negotiate with the collection agency and settle the dues.
Thanks