Attorney consultation

[Roxeli1517]

I have my first consultation with a BK attorney tomorrow and scheduling another one for next week. I am looking forward to knowing what my options are.

I am at a total disadvantage here since BofA inherited both my 1st AND 2nd from Countrywide. I haven't paid on my 1st in 18 months but am current on my 2nd. I 'm hoping to file for Chapter 13 to strip the 2nd since we are upside down on our 1st by $80,000.00.

I would love to keep my house regardless of being underwater but not sure how realistic that is. I would need my 1st modified and have been trying for that with BofA since Feb 2009, all the while keeping my 2nd current so that they don't foreclose on us while waiting for a mod. So far they have made one mistake after another and I still don't have a mod. Now I'm not sure if filing Chap 13 will effect my eligibility.

Tomorrow I will update just in case it helps anyone else in a similar situation.

[HHM]

I would need my 1st modified

That pretty much answers your question on keeping the house, if you NEED the 1st modified (which a chapter 13 cannot do) and you don't have a modification by now, the house is pretty much as good as gone already, time to move to acceptance. You will be amazed at the opportunities that open up once you let go.

[debtinohio]

I don't see a real point to paying the 2nd when the first is behind 18 months.

[SMinGA]

I agree that paying the 2nd is a waste.

Scenario 1: you lose the house, nothing can save it. Money spent on the 2nd is gone.
Scenario 2: you file ch. 13, strip the 2nd, keep the house w/ no mod and pay arrears in the plan. Money spent on the 2nd is gone.
Scenario 3: you complete the modification on the 1st, file 13 to strip the 2nd. Money spent now on the 2nd is gone.

Can't think of any positive outcome of paying the 2nd.

[Roxeli1517]

My plan was to modify before I file 13. I've been paying on the 2nd to keep them from foreclosing sooner (same lender has both 1st and 2nd). My 2nd is relatively small and I can't even rent a place for what I'm paying on my 2nd. Basically, I've been living in my home for $559.00 a month which is my payment to my 2nd. A 2 bedroom apartment in our area would cost us more than that (California).

My appointment is at 5:30 this evening and I'm taking my loan docs for the attorney to review. Evidently, my note and deed of trust have been separated. MERS is supposedly the "nominee" or mortagee of record according to my deed. Many homeowner's are challenging MERS right to foreclose since they are not a party of "real interest" in our loan. This could mean they have no rights to foreclose, and what is more, the separation of note and deed could mean that my 1st is unsecured.

I am tenacious like a Pitbull. I won't throw in the towel until I've exhausted all my options. If I do lose my house, I will feel good knowing that I tried and put up a good fight. In the meantime, I'm exploring the options but still keeping in mind that we may have to move on to Plan B.