Can you BK a HELOC

[dmc-2008]

or 2nd mortgage??????

[southernbelle]

http://www.bkforum.com/showthread.php?t=9913&highlight=lien+stripping

This post might help you.

[dmc-2008]

Thanks.

I have a feeling I am going to be eating top ramen for a long time to come and a BK will be out of the question.

[Help!]

dmc-2008, You and me both! Top ramen is good, but we'll have to mix it up with some Mac n' Cheese to keep things exciting.

[dmc-2008]

Yikes...

I am meeting with an ATTY on Friday, but most of my debt, well, a lot of it, is secured to my condo. I don't want to lose my condo.

I have good credit, I haven't slid on anything yet, its just really tight. Would you just keep plugging at it if you had the chance.

I think I am gonna post that question.

Thanks! tonight was rice and peas, my daughter go the mac and cheese!
;-)

[deafbroke]

I have two HELOCs and claimed them on my petition as not being affirmed.


DB

[southernbelle]

I am meeting with an ATTY on Friday, but most of my debt, well, a lot of it, is secured to my condo. I don't want to lose my condo.

I have good credit, I haven't slid on anything yet, its just really tight. Would you just keep plugging at it if you had the chance.

I think I am gonna post that question.

Thanks! tonight was rice and peas, my daughter go the mac and cheese!
;-)

If you decide to reaffirm to keep the condo, keep in mind that after you sign the reaffirmation agreements, you still need to get court approval to keep the debt. Basically, a judge looks at your schedules I and J to determine if you can even afford to keep it and I do believe a judge can refuse to sign off on it.

Also, if you don't reaffirm and do a ride through, just make sure you make on time payments and you won't have any problems, but if you miss a payment, your creditors have the right to start foreclosure proceedings.

I have 2 mortgages and the 2nd is secured by 3 total loans through cross collaterilization from that bank. Basically if I want to keep the house, I have to repay all loans associated with that 2nd mortgage to do so. I just got a second job so that I will be able to accelerate payments to get them out of my hair and to start saving a little money.

I used Dave Ramsey for my 2nd part counseling class (because it was cheap and entertaining) and I learned a lot about saving (paying myself first) and not becoming so reliant on credit. Hopefully this 2nd job will help me. I hope everything works out for you and good luck tomorrow with your first consultation. Remember to ask lots of questions.