I wanted to find out if anyone has had any expirence with Home Equities. We currently have a 1st and 2nd and are current on both. Our 1st is for 188k and our 2nd is 137k. Currently our home is only worth 225k. We are not able to strip the loan completly, but do you think we could negotiatie with the bank that has our 2nd?
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Filed Chapter 13 05/23/08
Converted to Chapter 7 Jan 2012
Discharged April 2012
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I'm no expert, but from all I've read here, my understanding is that the only way you can cram down, or lein strip is if you have "0" equity in your home as it relates to the first mortgage. In other words, your home would have to be worth LESS than your 1st mortgage. I don't know that you are in any position to negotiate with the holder of the second. I believe you will have to pay it if you want to keep your home.......... sorry to be the bearer of bad news
Others may chime in. Again, I'm no expert.
Can I ask why you would want to keep a house you are so negative on? 100K is very negative indeed!You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing
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That's what I thought. I want to keep it because I'm sure the market will rebound enough in the next 5 years ( i live in the DC suburbs). Also, my husband is not filing and the house is joint, so we're trying to keep his credit in tact. Also, we can afford the payments and like our home, so why not.Filed Chapter 13 05/23/08
Converted to Chapter 7 Jan 2012
Discharged April 2012Comment
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