Planning to file June 1st, hopefully chapter 7. My question is about my house. I haven't paid for 90 days but have been communicating with the mortgage company about options. Nothing worthwhile so far. I owe $406 on my 1st with MorEquity, $120K on my 2nd with Ditech and the house is worth approx $360K today! I have zero hope they are going to negotiate before I file. My question is, once I file and they get the notice, is there any chance they will want to talk? I would love to keep the house with a realistic loan amount. Otherwise it is going bye bye! Anyone have any experience with this? Or are they just going to move forward to foreclose ASAP? Any experience or advice would be greatly appreciated...
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From my experience from myself and family and friends going through the same situation is that they wait unil about a month before they auction off the house to actually want to keep you in the house. It was a little too late for us, we had already moved out. One friend kept their house and another is letting go because their mortgage offered to modify but it was only an interest only for 2 years which doesn't help them in two years, they will be more upside down then they aready are. Very, very few people have actually gotten a decent loan modify that wasn't an interest only or adding the difference and extending out the mortgage. -
Anyone else with experience?Comment
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Here is what I'm doing
My 1st balance is $250,000 and 2nd is $60,000. I also have 3rd HELOC for $160,000. House is appraised at $270,000.
So, I have been paying 1st and 2nd in order to stay at home. I stopped paying 3rd hoping that 3rd lender most likely will not foreclose.
If you want to keep the house, you are supposed to be on current with your mortgage payment.
I am just taking a chance with the 3rd HELOC. I am going to continue to pay 1st and 2nd and hope to stay for another 2 years until it reaches 2 year FHA underwriting requirement. Then hope to buy new house and walk away from current one. I will stop paying 1st and 2nd as soon as I get the mortgage approval on another house.
My 1st and 2nd are with the countrywide and 3rd is with BOA. Unless BOA wants to cram down and 3rd and part of 2nd, I will not reaffirm.Comment
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