Posted on: 19th Apr, 2009 06:58 pm
in a very tough spot. way upside down, unemployed, etc.
i want to look into not paying my second mortgage. believe me, it pains me to even think this since i do have outstanding credit. i have tons of questions and i think a real estate lawyer is my best option. do any of you have any suggestions about how to look for one? i'm also happy to pay someone here that's very knowledgable about the second mortgage not being paid and the ramifications of it.
i've heard 1099
i've heard collections
i've heard they can go after you after your home goes back up in value even if they've written the loan off, etc.
just lots of questions that need a 1-on-1 counseling session.
i've talked to government approved counseling for my first, but it was like being cattle herded. they didn't want to talk about my second at all and just shuffled me through the doors.
i've also talked to my real estate agent and she suggested i contact a real estate lawyer.
all thoughts and suggestions are appreciated.
thanks,
-brent
i want to look into not paying my second mortgage. believe me, it pains me to even think this since i do have outstanding credit. i have tons of questions and i think a real estate lawyer is my best option. do any of you have any suggestions about how to look for one? i'm also happy to pay someone here that's very knowledgable about the second mortgage not being paid and the ramifications of it.
i've heard 1099
i've heard collections
i've heard they can go after you after your home goes back up in value even if they've written the loan off, etc.
just lots of questions that need a 1-on-1 counseling session.
i've talked to government approved counseling for my first, but it was like being cattle herded. they didn't want to talk about my second at all and just shuffled me through the doors.
i've also talked to my real estate agent and she suggested i contact a real estate lawyer.
all thoughts and suggestions are appreciated.
thanks,
-brent
Hi mglmstr,
Are you current on your first mortgage? If you are, and thinking of not paying the second mortgage, then the second mortgage holder will most probably not foreclose on your upside down property. They can, however, put lien on your property or can obtain a deficiency judgment against you. If the amount is forgiven, it will be taxable and they will send you a 1099 form for tax purposes. If you want to consult a real estate attorney, you can do so with the community attorney, Joshua Heard. You can also refer to the following websites to find a suitable real estate lawyer for you:
http://lawhelp.org/
"attorneypages.com"
Are you current on your first mortgage? If you are, and thinking of not paying the second mortgage, then the second mortgage holder will most probably not foreclose on your upside down property. They can, however, put lien on your property or can obtain a deficiency judgment against you. If the amount is forgiven, it will be taxable and they will send you a 1099 form for tax purposes. If you want to consult a real estate attorney, you can do so with the community attorney, Joshua Heard. You can also refer to the following websites to find a suitable real estate lawyer for you:
http://lawhelp.org/
"attorneypages.com"