2nd mortgage

[paulf8]

Can i use my second and first mortgage to qualify for chapter 7 ,I'm up to date on my first and a year behind on my second,I make a good living but need this dept to get a chapter 7 ,I intend to keep paying my first ,Both are secured by the property,The second mortgage wants to settle for 11000 on a 140000 dept I want to wait till after I get a chapter 7 to settle with them

[justplaintired]

Being current on both mortgage in order to file a 7 I believe is a must. The fact you are a year behind on 2nd will most likely not allow a 7, unless you intend to walk away from your home. And no you can not claim your house payment in a 7 if you will not be keeping the house.

[albacore44]

I think the only reason it is normaly required to be current entering ch-7 is that the 2nd may want to lift the automatic stay to forclose. but since your working out a settlement i dont think they would do that. now your only other problem is the trustee not letting you include the payment on your 2nd in your budget #'s which could throw you into a ch-13.

Who is the bank on your 2nd ??

[relief13035]

The second mortgage wants to settle for 11000 on a 140000 dept I want to wait till after I get a chapter 7 to settle with them

That's a great offer.

We settled our HELOC for $15k on a balance of $125k. They first offered settlement of $20k. I told them I didn't have 20 and offered them $15k and they took it.

[StartingOver08]

That was a great deal you worked out!

[QUOTE=relief13035;328232]That's a great offer.

We settled our HELOC for $15k on a balance of $125k. They first offered settlement of $20k. I told them I didn't have 20 and offered them $15k and they took it.[/QUOTE]

Wow! Congratulations! You did great Relief.