Primary property questions

[broke2]

Hello,

I've decided to file ch13 and my house value is 30-40k below my 1st mortgage balance. If I stop paying on 2nd 4-5 months before filling, can 2nd foreclose my home?

Thanks for your help!

[LadyInTheRed]

Hello,

I've decided to file ch13 and my house value is 30-40k below my 1st mortgage balance. If I stop paying on 2nd 4-5 months before filling, can 2nd foreclose my home?

Thanks for your help!

They could, but they aren't likely to unless the same bank holds the 1st and 2nd.

Welcome to the board! If you have more questions, it would be better to post in a thread on a topic related to your question or start your own thread. I realize this thread has touched on mortgage issues, but you are more likely to get input in a thread more closely on topic.

ETA: I now see you alread started your on thread and asked the same question before you posted here. A litte patience and somebody will answer.

[spidge]

Hello,

I've decided to file ch13 and my house value is 30-40k below my 1st mortgage balance. If I stop paying on 2nd 4-5 months before filling, can 2nd foreclose my home?

Thanks for your help!

I haven't payed on my 2nd for about 20 months and they have not done anything yet. I am under water for about 100K on my first alone.


Are these loans purchase loans? Makes a difference if you walk away.

[broke2]

Are these loans purchase loans? Makes a difference if you walk away.

Hi spidge...what do you mean by purchase loans?

My 2nd mortgage was with Irwine bank at the beginning and 10 months later Real Time Resulations bought it from them. Till today I'm never late on my payments. But from their web, I see they're a debt collections agency also. Don't get it.

Thanks for your help.

[razzed]

interesting...I am currently paying 100% to court. Recently my company went down. Luckily I have new job so I can continue paying 100%. Here is where it get's tricky. I can take a monthly pension and a lump-sum (contributary retirement account) from former company. I sure could use that cash right now. I fear the trustee may take my contributary money to pay my debt sooner than the 5 year term. I also worry that leaving it sit for five years it may not be there...a lot can happen...maybe put it in a Roth IRA?? any advice is appreciated.