I offered my 2nd (HELOC) 11% of $150k to settle post chapter 7. It's been 2 weeks and my settlement has not even been assigned to a negotiator yet. They said they'll send for a BPO but I have not heard anything. How long does this process typically take? I also have my 1st mortgage with Chase & was declined a modification because I still had equity. The BPO done by the
1st mortgage indicated that the market value is more than what I currently owe on the 1st by roughly $20k. When the 1st & 2nd combined I am underwater by $100k.
It seems the 2nd is not motivated/interested in accepting or countering my offer. They were the one that initiated the foreclosure. I've been in foreclosure since Aug 4th and am anticipating a sale date in late Nov. I am in CA. HELP!!! What should I do? Any advice is very appreciated. I do not want to lose my home. I can only manage the 1st but not the 2nd too. I am 5 months behind on the 1st ($18k) and 7 months behind on the 2nd ($9k).
1st mortgage indicated that the market value is more than what I currently owe on the 1st by roughly $20k. When the 1st & 2nd combined I am underwater by $100k.
It seems the 2nd is not motivated/interested in accepting or countering my offer. They were the one that initiated the foreclosure. I've been in foreclosure since Aug 4th and am anticipating a sale date in late Nov. I am in CA. HELP!!! What should I do? Any advice is very appreciated. I do not want to lose my home. I can only manage the 1st but not the 2nd too. I am 5 months behind on the 1st ($18k) and 7 months behind on the 2nd ($9k).
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