Posted on: 28th Jun, 2009 02:54 pm
i got a mod on my 1 st 4.5 for 40 years with prinapal and late fees back to aprox 180000.i have a 2nd with the same company which for aprox 78000 which is current . total of aprox 240000. the house if luckey would be aprox 120000. should i have sign the mod and forget the second then file chapter 13 . or should i walk away and go bk. i can make the new 1st if that was all i had to pay . i live in calif btw. the second was a money out type . at the hight .
hi guest,
bankruptcy and foreclosure will affect your credit to a great extent. they should be your last option. if the lender is willing to modify your first mortgage, i think you should accept it. if you are able to afford the modified payments, you should continue making the payments. as for the second mortgage, you can negotiate with the lender and settle it for less than the amount owed. you can also set up a repayment plan and gradually pay off the debt. if nothing works, you may think of filing chapter 13 as your last option.
bankruptcy and foreclosure will affect your credit to a great extent. they should be your last option. if the lender is willing to modify your first mortgage, i think you should accept it. if you are able to afford the modified payments, you should continue making the payments. as for the second mortgage, you can negotiate with the lender and settle it for less than the amount owed. you can also set up a repayment plan and gradually pay off the debt. if nothing works, you may think of filing chapter 13 as your last option.
yes, jenkin is right. BK & foreclosure are not the solution as they are not in your interest any way.
you are equally answerable for second morgage. so whatever you decide, first try to settle it. since both of your mortgage are from same company, you negotiate with them for both
you are equally answerable for second morgage. so whatever you decide, first try to settle it. since both of your mortgage are from same company, you negotiate with them for both