I live in southern california and am in month 11 of a chapter 7. This nighmare seemingly will go on forever. Assuming all my chapter 7 debts are discharged, I will still be left with a second mortgage that was "charged off" while awaiting a modification. The 1099 for 240k was the final straw forced me into a 7. They are about 25k away from a penny of equity. For numerous reasons we will try to keep the house. Ch 13 was not an option because of debt levels at filing. I would like to settle with the second because 3.5k of each mortgage payment goes toward principle thought if the market recovered just 10% in the next year or so they could foreclose even if the debt is discharged. The lender will not speak to me while bk is open. I owe 1mil on the first. If I walk, they will get nothing, If I could afford to bring the loan current after 2 yrs and make the payment, I would-but can't. I could come upwith 20k to give them now. After dischage I would owe:
1.025m on 1st not reaffirmed and assumed discharged
242k+24mos of missed pmts??- not reaffirmed & assumed discharged
6k student loan
40k jt w/ spouse to irs for 07,08,09
Wife is on title and both loans, did not file ch7 w/me
Can I even file a 13?
Will she need to file 13 CA is a Comm Prop State?
How much would I have to pay the second in a 13 and for how long?
When is house valued? at filing or conclusion of pmts?
Thanks, I just can not handle anymore unintended consequence.