Scared to death!

[sufferingAZ]

I have been reading everyones posts and I feel some what at ease with what is about to happen in my life. I lost my job, we were tight on funds already. I missed my first payment to 2nd mortgage. They are unwilling to help. My lawyer said to do Chapter 13 to strip 2nd mortgage. I am good with that... He said stop paying on the 2nd mortgage. I am good with that... BUT what if my home is worth more that my 1st mortgage??? UGH panic attack! Then I will be behind with 2nd and have to catch up! Does anyone know if "Zillow" Zestamates is a good source for me to go by? If so then I can rest easy... and maybe get a good nights sleep. Thank you anybody

[midnight]

I always thought that Zillow was high with their values. I just checked my home, and I really don't think that I could anywhere near what they are telling me it's worth.

[last2cents]

Welcome to the forum fellow Desert Dweller!

First off......Zillow's estimates are really crappy for the northwest Valley...the values are changing so much here (sometimes it seems on an hour to hour basis) that I would not rely on Zillow.

If you really want to know what your place is worth...you need to look at what similar places are listing at on the MLS...

That having been said, Surprise has suffered along with the rest of the WV - if you bought your home brand new anywhere between 2005 and now.. you are most probably upside down on its value. Having said that, it really depends on what subdivision you're in. (if you like, PM me with that, your square footage, beds / baths etc., and I'll try to give you a reasonable value range).

Regarding your attorney's advice.....you can only lien strip in a 13 - but why aren't you looking for a 7?

(sorry - I'm the chapter 7 poster child according to my lawyer... )

[sufferingAZ]

We can do a Chapter 7. We make under the surprise median. It was just brought up by lawyer why pay on 2nd mortgage for 20 something years when he can strip it in a chapter 13 and we would make payments the same as our 2nd mortgage ($383.00) for 3 years and be over and done with it. We plan to keep our house. It just seems like the "smart" thing to do.

[Heli]

I got some opposite advice, do a 7 and don't reaffirm either first or second (current on both) and if anything ever happened we could just walk away from it.

[jwmc1]

Zillow is a good source for actual sales, but the valuations are very outdated.