Posted on: 16th Jun, 2011 11:21 am
my 1st mortgage has been discharged and included in my chapter 7 bankruptcy, but my 2nd mortgage had been reaffirmed. i still owe about 3 more years on it. i am planning on walking awayfrom my house in the next few months. i talked to my 2nd mortgage people and they told me to keep on making payments to them but their still would be alein on the hosue until the 2nd mortgage lien has been paid for. so what to do?
need help info........
need help info........
I'm not quite comprehending the thought process.
Your first mortgage no longer exists, right? Wouldn't that give you a pretty comfortable feeling about staying in the home now that you no longer have that obligation?
Of course, you didn't provide any numbers, like value or amounts of the mortgages on the home, or monthly payment on the second. Certainly, that would be important.
But I'd usually be of the opinion in such a case that the elimination of the first mortgage would instantly put you in a fairly good (certainly improved at the least) position in terms of equity in the property now.
If that's true, then walking away wouldn't seem to be the most sensible proposal at this time.
What is the value? How much do you owe? What's your payment? What's your ability to make that payment?
Lastly, of course there will remain a lien on the home until such time as it's paid in full. If you walk away, they'll foreclose on that lien, naturally, in order to obtain their funds back. Are you anticipating making another purchase some day? That ought to sway your overall opinion also.
Your first mortgage no longer exists, right? Wouldn't that give you a pretty comfortable feeling about staying in the home now that you no longer have that obligation?
Of course, you didn't provide any numbers, like value or amounts of the mortgages on the home, or monthly payment on the second. Certainly, that would be important.
But I'd usually be of the opinion in such a case that the elimination of the first mortgage would instantly put you in a fairly good (certainly improved at the least) position in terms of equity in the property now.
If that's true, then walking away wouldn't seem to be the most sensible proposal at this time.
What is the value? How much do you owe? What's your payment? What's your ability to make that payment?
Lastly, of course there will remain a lien on the home until such time as it's paid in full. If you walk away, they'll foreclose on that lien, naturally, in order to obtain their funds back. Are you anticipating making another purchase some day? That ought to sway your overall opinion also.