Hello. I filed chapter 7 on 8-13-10 and was discharged 11-13-10. I did not reaffirm 1st or 2nd mortgage. 1st $160k, 2nd $20k. Home worth, maybe, $190. My husband's cancer returned this past March and he must receive an adult stem cell transplant at some time later this year. All of this process is incredibly expensive. I stopped paying my 2nd in March. Citibank is the lender. What do I do? I need to stay in my home. How do I get Citibank to release this loan? I don't know what to do as the thought of a foreclosure brings back all the bad bankruptcy feelings and my head is not clear. I am over four months past due. I have no other debt, except a reaffirmed car payment. If anyone could give me some advice on where to begin, I'd be much obliged.
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I am sorry to read of the major health issues. I trust all will work out. Such never helps when trying to decide how to proceed with financial issues.
Per your post the property is worth $190k and you owe $180k between the two mortgages. It is highly unlikely that your 2nd will release its lien without payment of all or substantially all that is owed to it. But, stranger things have happened and I am sure others will chime in with their suggestions.
At this point my only suggestion is to get on the phone with the 2nd and work out a catch up payment plan or maybe attempt a loan modification for the 1st and/or 2nd to reduce the interest rate. I do not know if you will be successful but it never hurts to get the ball rolling.
Des.
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