Posted on: 23rd Oct, 2009 01:19 pm
My home is worth about $200,000 in todays market. I had bought this house 15 years ago for about 135,000. I had since borrowed from a second, $155,000. I want to try and reduce or get rid of it, but I had spoken with them and they will do nothing for me. I guess I will just have to not pay a few months. As for filing chapter 13, I was told that this would not do anything to the second holder. I live in Arizona, so I am not sure what the laws would be in other states. Is a 13 pretty standard through out the country and if there is someone who can educate me on this, that would be of some great help. I want to sell the house, and at least walk away with something, but need to get rid of that second. How I look at it, I have been paying interest only, so all the years I have been paying these worms, they got the money back..
Look forward to all your suggestions, and maybe we all should just stop paying the banks all together...Then what will they do, it would be about time we stood up to them, what they going to take all of our homes...Lets stand up to them, they have us so scared , that they do what when they want anytime..The hell with them...Revolution!
Look forward to all your suggestions, and maybe we all should just stop paying the banks all together...Then what will they do, it would be about time we stood up to them, what they going to take all of our homes...Lets stand up to them, they have us so scared , that they do what when they want anytime..The hell with them...Revolution!
hi guest,
the second lender will not forgive the mortgage dues. if you walkaway from the property or go for a deed in lieu of foreclosure, you would be responsible for paying off the second mortgage.
in case of chapter 13 bankruptcy, the second mortgage lien can be stripped off if there's no equity in the property. however, it would be totally the discretion of the court whether or not the lien would be stripped off. you need to contact a bankruptcy attorney and take his opinion in this regard.
thanks
the second lender will not forgive the mortgage dues. if you walkaway from the property or go for a deed in lieu of foreclosure, you would be responsible for paying off the second mortgage.
in case of chapter 13 bankruptcy, the second mortgage lien can be stripped off if there's no equity in the property. however, it would be totally the discretion of the court whether or not the lien would be stripped off. you need to contact a bankruptcy attorney and take his opinion in this regard.
thanks
Thank you James