We discharged in Feb. 2010,
We did not reaffirm 1st or 2nd mortgages and have been doing a Pay & Stay since. Both are current.
1st - $97k ($890 month)
2nd - $20k ($310 month)
house is probably worth right around $100k
I'm thinking about stopping payment on the 2nd and seeing if they're willing to settle in a few months. I would love to be able to put that $310 in savings.
But, if we do this, will it affect our ability to qualify for a VA mortgage next Feb (when the 2 year wait period is up)?
Neither loan reports and both say IIB, so how much worse could it get?![sad](https://www.bkforum.com/core/images/smilies/frown.png)
Current credit score is about 640.
Any thoughts?
And no, we're not interested in renting. Kids, dogs and rural location makes this not an option.
We did not reaffirm 1st or 2nd mortgages and have been doing a Pay & Stay since. Both are current.
1st - $97k ($890 month)
2nd - $20k ($310 month)
house is probably worth right around $100k
I'm thinking about stopping payment on the 2nd and seeing if they're willing to settle in a few months. I would love to be able to put that $310 in savings.
But, if we do this, will it affect our ability to qualify for a VA mortgage next Feb (when the 2 year wait period is up)?
Neither loan reports and both say IIB, so how much worse could it get?
![sad](https://www.bkforum.com/core/images/smilies/frown.png)
Current credit score is about 640.
Any thoughts?
And no, we're not interested in renting. Kids, dogs and rural location makes this not an option.