I know people settle their second mortgages when the second has no equity in the house.We just modified our first and now I'm looking at options on the second.By the way we were discharged from chap. 7 last month.The house on zillow is worth 297,000.The first is for 207,000 and the 2nd is for 211,000.We are content with the house,yard,neighbors ect. so we would like to wind up with a deal we would be happy with.I consider this bk situation to be a once in a lifetime situation and want to make the most of it.I read where a foreclosure costs an the bank an average of 60,000.Any idea of what an accectable settlement offer might be? If the bank won't offer any kind of principal reduction we might need to consider walking away.The scary part of that is worrying that inflation may hit before we could get into another house.Also is it alright to borrow money to make the settlement offer with?
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Did you reaffirm your house? If you settle with the second, understand, it is a new contract in any case and you could not walk away from it if things got really bad. You might be better off to dump the expensive house and get a little cottage for about 60K. Fix it up as a doll house and pay it off soon. 'Hub BTW, OHMOIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
no,we did not reaffirm the 1st or the truck loanOriginally posted by AngelinaCatHub View PostComment
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banks are really wierd with offering principal reductions right now. They think the market is gonna come back, to the value will go up.Filed Aug 28 2009
341 Oct 2 2009-Asset Case
Discharged Dec 16 2009
Waiting for tax return and asset buy back to closeComment
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