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question for HHM about 2nd

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    #1

    question for HHM about 2nd

    Hi,

    Ok, I filed 1/23, 341 scheduled for 3/8. Both mortgages up to date (within a few days of due date). I'm anxious to stop paying my 2nd, however i dont want to risk the 2nd requesting a release from automatic stay.. Lots of warnings from the ATT about keeping current in the documentation I received with my filing. House is underwater or slightly above.

    You mentioned a couple of times about stop paying the 2nd after the 341. Any new insight ??

    Thanks
    Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7
    Tags: None
    #2
    Bump....
    May 2008 Hired 1st Attorney/Stopped paying CCs
    May 21, 2009 Retained 2nd Attorney
    May 28th - Filed for Ch 7 (FINALLY!)
    9/11/09 - DISCHARGED!!!!

    Comment

      #3
      You haven't provided any numbers.

      1. What's the current amount owed on each of your 1st and 2nd?
      2. What is the current value of your home (to the best of your knowledge)? I'd say the value is probably "some" less than what zillow reports.
      Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

      Comment

        #4
        Are they being serviced by one bank? Currently five mos late on 2nd and current on 1st, both serviced by Bofa. I have pending loan mod from them thru NACA and loss mitigation wants an authorization letter from my lawyer. 341 is next week same district with Albacore and Liz.
        File BK7: Jan 4, 2010
        Reschedule 341: Mar 16 2010
        Discharged: Apr 22 2010
        Closed: May 6, 2010

        Comment

          #5
          1st $417K Citi Mortgage
          2nd $240K HSBC
          = $657K

          House worth $450K (mabee) hard to determine what its really worth, so many forclosures in the neighborhood. Wife was talking to neighbor across the street yesterday, they are gonna walk in a couple of weeks, bank wont work with him. neighbor 2 doors down from him walked new years day. people are making business decisions to walk. These houses were appraising at $1M in 2007, many people a way way upside down. Now the forclosures are selling in the low 4's.
          Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

          Comment

            #6
            Originally posted by albacore44 View Post
            ...These houses were appraising at $1M in 2007, many people a way way upside down. Now the forclosures are selling in the low 4's.


            Man, I thought things were bad here in IL, but a million dollar house going for $400,000's ....unreal.

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