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Talk to me about AP and 2nd mortgage..

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    #1

    Talk to me about AP and 2nd mortgage..

    Ok - so we had to file an AP to strip the 2nd; all well and good, normal, etc. However, the 2nd has come back with an answer that our house is valued now at more than what we paid for it 3 years ago . We're in the process of getting a full appraisal ( they *2nd* did a drive by BPO and based the value on restored / remodeled houses as far away as 50 miles and 3 counties over ) - ours is neither restored nor on the acreage some of the comps were.

    So - talk to me about how your strip went, your AP filing / case - and how it all went down. Nervous as hell here; we battled for our 1st to be modded and got through that, but now this 2nd is going to play hard ball for whatever reason. We tried for 8 months to work with them, to no avail...even the day before filing CH. 13 we asked them to work out something with us, no use.

    Good, bad and ugly...give me all of it so I'm prepared. Our lawyer says this usually never happens with this particular lender as he's dealt with them before (go figure.. we're to be the "example") so he was even surprised.

    To think we got this far possibly just to have it all backfire, just sickens me. I know the appraisal will come in lower than what we owe, but - the back of my mind is screaming "What if..."
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    #2
    Originally posted by Pandora View Post
    Ok - so we had to file an AP to strip the 2nd; all well and good, normal, etc. However, the 2nd has come back with an answer that our house is valued now at more than what we paid for it 3 years ago . We're in the process of getting a full appraisal ( they *2nd* did a drive by BPO and based the value on restored / remodeled houses as far away as 50 miles and 3 counties over ) - ours is neither restored nor on the acreage some of the comps were.

    So - talk to me about how your strip went, your AP filing / case - and how it all went down. Nervous as hell here; we battled for our 1st to be modded and got through that, but now this 2nd is going to play hard ball for whatever reason. We tried for 8 months to work with them, to no avail...even the day before filing CH. 13 we asked them to work out something with us, no use.

    Good, bad and ugly...give me all of it so I'm prepared. Our lawyer says this usually never happens with this particular lender as he's dealt with them before (go figure.. we're to be the "example") so he was even surprised.

    To think we got this far possibly just to have it all backfire, just sickens me. I know the appraisal will come in lower than what we owe, but - the back of my mind is screaming "What if..."
    There's nothing you can do until the appraisal comes in. It sounds like you're on good ground here, and the lender is being a PITA. Just tuck it aside for now and let the appraiser and your attorney do their jobs.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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      #3
      YAY!!!!!!!!!! Appraisal just came in.... 90K lower than the BPO and about 28K lower than the 1st!

      Strip.. here we come!!!

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        #4
        Originally posted by Pandora View Post
        YAY!!!!!!!!!! Appraisal just came in.... 90K lower than the BPO and about 28K lower than the 1st!

        Strip.. here we come!!!
        Awesome!! I'd love to see the lender argue that their drive by BPO is better than your appraisal conducted by a state licensed appraiser! This is indeed wonderful news :-)
        Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
        I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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          #5
          Me too Newbie2 - will keep ya'll posted on how it all plays out. We're not out of the woods yet, but this is a great start.

          Anyone else ever had to do this? How did it go? We were told we'd have to have a judge decide the value (BPO vs. our appraisal) - but I dont know if we have to be present, or if not, can we OPT to be present at such a hearing? Wonder if the 2nd can come back and say they want their own independent appraisal?

          So many questions....

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            #6
            Once your atty submits the appraisal, the 2nd will probably withdraw the AP. Unless they want to waste more time & money to fight it.
            Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
            (In the 'planning' stage, to file ch. 13 if/when we have to.)

            Comment

              #7
              SM - thats what we're hoping for, however they are being total backsides about everything, even denying any existence of a 1st mortgage - . Now I ask you.. how in the hell can they deny the existence of a 1st mortgage when they were provided with a copy of our HAMP paperwork so they could do a 2MP along with it (yet denied us), then when we first purchased the house (80/20), they again knew they were in the 2nd position. I even have the stupid loan paperwork stating the same thing... Ugh.

              I just hope its that easy...

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