Chapter 7 and mortgages..
Hi folks,
I have a question:
This week, we were approved for the HAMP-modification. Our new lien of our 1st mortgage will be $560K. The current value of our property should be close to $300K.
Here's my question: We are thinking about filing CH7 in about a year and try to settle with the second mortgage. The balance of that mortgage is about $150K and we didn't make any payments on it for at least 2 years.
Now if they DON'T take the settlement, is it still possible to file a CH13 4 years later and strip that mortgage although it has already been discharged through the CH7?
I'm trying to develop a long term solution to get rid of the 2nd mortgage and I'm trying to figure out what would help. I know that a CH13 would be a certain way to get rid of the second - but we all know what a hassle a CH13 is compared to a 7.
And another stupid question: Once you receive your CH13 discharge after 3 or 5 years, is your personal liability on your first mortgage discharged in the same way as it is after a CH7? I mean, if you are underwater, can you simply walk away without being responsible for the deficiency?
Thank You very much for your input.
I have a question:
This week, we were approved for the HAMP-modification. Our new lien of our 1st mortgage will be $560K. The current value of our property should be close to $300K.
Here's my question: We are thinking about filing CH7 in about a year and try to settle with the second mortgage. The balance of that mortgage is about $150K and we didn't make any payments on it for at least 2 years.
Now if they DON'T take the settlement, is it still possible to file a CH13 4 years later and strip that mortgage although it has already been discharged through the CH7?
I'm trying to develop a long term solution to get rid of the 2nd mortgage and I'm trying to figure out what would help. I know that a CH13 would be a certain way to get rid of the second - but we all know what a hassle a CH13 is compared to a 7.
And another stupid question: Once you receive your CH13 discharge after 3 or 5 years, is your personal liability on your first mortgage discharged in the same way as it is after a CH7? I mean, if you are underwater, can you simply walk away without being responsible for the deficiency?
Thank You very much for your input.