2nd mortgage with BOA/Countrywide

[troubled]

Hi,
We have our second mortgage with BOA (was countrywide) neither fist or second was re-affirmed. Haven't gotten our discharge yet, but I am planning for that time--hopefully next month.

Our second is for about $94,000 it is a balloon mortgage at 11.875% interest, with a monthly payment of close to $1000 (hard to start over when you're being robbed every month)...Had the house appraised for $251,000 down almost $70k from the purchase price in '03 and even more from the 2nd we took out in '06 (the first mortgage is still owed about $245,000 at 5.25%).

We are current on both. How likely are we to work something out with BOA, from peoples' experience? I'm hoping at the very least to work out an interest drop to something not loanshark-like, if not a settlement!

I'd also like any tips on the best way to approach this whole situation (stop payments once discharge happens, keep paying and try negotiating, etc.)

I spoke with my BK lawyer about this and he really was little help (pretty much throughout the whole process!)

Thanks!!!

[jal1129]

If you did'nt reaffirm I would'nt expect them to work with you at all on your mortgage.

[StartingOver08]

Look up the posts by Liz - she did not reaffirm her mortgages - but the second is willing to work with her post discharge. She would pay a small amount, for example 10% of the balance, to wipe out the second mtg and have them release the lien.

Last that I saw, she was still working on it - it is a long process. But it is worth a shot. In the meantime, she was paying the first on time and not paying the second at all. She was referring to this an an informal lien strip.