Posted on: 23rd Aug, 2010 12:09 am
we have a 80/20 with BOA.Due to hardship, we finally closed our loan mod for 1st loan. Our issue is they will modify the 2nd however We decided we shouldnt stay in the house unless they can eliminate the 2nd becuase we paid $250K for townhome in 2006 and now house worth $100k. the 1st mortgage is for $200K which is double of house value.
We asked back to remove 2nd but they said they only modify loan to 2% then cap at 5% in 7 yrs.
What do you suggest? get an attorney to file 13 or wait till Oct 1 when the banks are SUPPOSIVELY going to review loans for PRINCIPLE REDUCTIONS???
We asked back to remove 2nd but they said they only modify loan to 2% then cap at 5% in 7 yrs.
What do you suggest? get an attorney to file 13 or wait till Oct 1 when the banks are SUPPOSIVELY going to review loans for PRINCIPLE REDUCTIONS???
Hi palvalencia,
"What do you suggest? get an attorney to file 13 or wait till Oct 1 when the banks are SUPPOSIVELY going to review loans for PRINCIPLE REDUCTIONS???"
Even if you wait till august 1, do you expect that your 2 nd mortgage will be completely waived off?
No, it won't be done.So there is no point wasting our time to wait till Oct 1.
I will suggest you to file a chapter7 Bk so that you will be discharged immediately from all liabilities.
DIPA
"What do you suggest? get an attorney to file 13 or wait till Oct 1 when the banks are SUPPOSIVELY going to review loans for PRINCIPLE REDUCTIONS???"
Even if you wait till august 1, do you expect that your 2 nd mortgage will be completely waived off?
No, it won't be done.So there is no point wasting our time to wait till Oct 1.
I will suggest you to file a chapter7 Bk so that you will be discharged immediately from all liabilities.
DIPA