Posted on: 27th Sep, 2010 05:28 pm
I confused my rental 2nd heloc with my primary residence 2nd heloc and now my bank 'chase' has charged off my 2nd heloc. I am current on my first with Bank of America and I am trying to modify the loan.
Can I modify my loan?
Chase wants me to pay off a settlement of 70k by 9/30/10 and I just don't have the money.
I want to modify my first then maybe file a chapter 7 or 13 to wipe my 2nd off.
I am nervouse that if I do a chapter 13 or 7 and BofA determines that now I have more money to spare, which I don't really, they may not allow me to modify.
Can I modify my loan?
Chase wants me to pay off a settlement of 70k by 9/30/10 and I just don't have the money.
I want to modify my first then maybe file a chapter 7 or 13 to wipe my 2nd off.
I am nervouse that if I do a chapter 13 or 7 and BofA determines that now I have more money to spare, which I don't really, they may not allow me to modify.
hi ult!
welcome to forums!
though the heloc has been charged off by the bank, you can apply for a loan modification on your first mortgage. you should contact your lender for the same and if you meet the required criteria of the lender, you'll be able to get a loan modification. after that, you may file chapter 13 bankruptcy and strip off your second loan or get it discharged.
feel free to ask if you've further queries.
sussane
welcome to forums!
though the heloc has been charged off by the bank, you can apply for a loan modification on your first mortgage. you should contact your lender for the same and if you meet the required criteria of the lender, you'll be able to get a loan modification. after that, you may file chapter 13 bankruptcy and strip off your second loan or get it discharged.
feel free to ask if you've further queries.
sussane
Hello Sussane,
Thank you for your reply and reaffirming what I wanted to do. I know bankruptcy is the last choice, but from the choices I have, I think I am making the best choice. I just needed a confirmation from other people so I don't make another mistake. I have made quite a few so I needed to be sure and not go and act on desperation.
Thank you again,
ULT
Thank you for your reply and reaffirming what I wanted to do. I know bankruptcy is the last choice, but from the choices I have, I think I am making the best choice. I just needed a confirmation from other people so I don't make another mistake. I have made quite a few so I needed to be sure and not go and act on desperation.
Thank you again,
ULT
You're welcome, Ult :-)
Hi Ult,
It will be completely your discretion as to which option you want to go with. If you file Chapter 13, you will get a repayment plan which will include your mortgage as well as your other unsecured debts. If you go for a loan modification, then you'll be able to modify only your mortgage. Now, it will be your discretion as to which option you want to go for.
If you want to go for a loan modification, then it's better to negotiate with the lender yourself rather than taking the help of a lawyer.
As the lender has charged off the mortgage, it will be considered as an unsecured mortgage. In that case, you can file Chapter 7 to get rid of the unsecured debt as it will be discharged in your bankruptcy filing.
Thanks
It will be completely your discretion as to which option you want to go with. If you file Chapter 13, you will get a repayment plan which will include your mortgage as well as your other unsecured debts. If you go for a loan modification, then you'll be able to modify only your mortgage. Now, it will be your discretion as to which option you want to go for.
If you want to go for a loan modification, then it's better to negotiate with the lender yourself rather than taking the help of a lawyer.
As the lender has charged off the mortgage, it will be considered as an unsecured mortgage. In that case, you can file Chapter 7 to get rid of the unsecured debt as it will be discharged in your bankruptcy filing.
Thanks
Hello Sussane,
I need some unbiased advice!!! I talked to a loan modification 'mod' guy and he said that he has people way up high with BofA and he can modify me in 30days for $2000. He thinks I should modify first and then do a chapter 13 '13'. He says I can go through the bank to modify my load, but it will take a long time and that he can get better results and faster.
I met with a bankruptcy person and she suggested to do a '13' before the 'mod' which will cost anywhere from $3500 to $5000 for a '13 and $800 to $3000 for a '7'. Her reasoning is that if I do a '13' first, then when I do a 'mod', the bank will see that I don't have a lot of debt and they would be more willing to work with me and help me modify my loan.
Both of them think it is a good idea what I want to do, but they both recommend to do first what they sell.
Something I did not mentioned to you before, was that I have a rental home with a second that I am going to have to go and my wife has a business that I want to protect, as well as my primary residence which is with BofA.
Q ---> what should I do first? mod or '13/7'
Q ---> Should I do my mod with the bank that will take a few months including a 3 moths trial period for $0.0 dollars or should I go with the lawyer and modify within 30days for $2000?
I want to keep my primary residence with BofA, but once I modify, I want to have a fixed escrowed loan for 30yrs.
Q ---> Do you know if my 'charged off' loan on my primary residence with chase has become an unsecured debt after it was 'charged off'?
If yes, then I can do a chapter 7 and I can avoid the repayment option that comes with '13'.
Thank you Sussane,
Randy aka 'Ult'
I need some unbiased advice!!! I talked to a loan modification 'mod' guy and he said that he has people way up high with BofA and he can modify me in 30days for $2000. He thinks I should modify first and then do a chapter 13 '13'. He says I can go through the bank to modify my load, but it will take a long time and that he can get better results and faster.
I met with a bankruptcy person and she suggested to do a '13' before the 'mod' which will cost anywhere from $3500 to $5000 for a '13 and $800 to $3000 for a '7'. Her reasoning is that if I do a '13' first, then when I do a 'mod', the bank will see that I don't have a lot of debt and they would be more willing to work with me and help me modify my loan.
Both of them think it is a good idea what I want to do, but they both recommend to do first what they sell.
Something I did not mentioned to you before, was that I have a rental home with a second that I am going to have to go and my wife has a business that I want to protect, as well as my primary residence which is with BofA.
Q ---> what should I do first? mod or '13/7'
Q ---> Should I do my mod with the bank that will take a few months including a 3 moths trial period for $0.0 dollars or should I go with the lawyer and modify within 30days for $2000?
I want to keep my primary residence with BofA, but once I modify, I want to have a fixed escrowed loan for 30yrs.
Q ---> Do you know if my 'charged off' loan on my primary residence with chase has become an unsecured debt after it was 'charged off'?
If yes, then I can do a chapter 7 and I can avoid the repayment option that comes with '13'.
Thank you Sussane,
Randy aka 'Ult'
thanks for the advise jameshogg.
I will talk to BofA to start the modification process and I will talk to my accountant to see if there will be an tax implications if I do a chapter 7 and let go of the rental house.
Ult
I will talk to BofA to start the modification process and I will talk to my accountant to see if there will be an tax implications if I do a chapter 7 and let go of the rental house.
Ult