Okay - Now I'm confused about 2nd mortgage

[discouraged]

Maybe I read it wrong but I thought 2nd mortgage was still a concern after bk. Received (finally) my closing papers from my lawyer and everything is discharged. I owed $72,353 on 1st, $5,914 on home loan with 1st, $25,487 on 2nd and $19,117 on home improvement loan. I had 6,804 in assorted credit card and other debts.

The total discharged was $137,456.10. Doesn't that mean tha the 2nd was discharged also??? I thought the 2nd wasn't discharged and still a concern. Anyone know what this al means?

[daylate]

2nds get discharged just like 1sts.

[despritfreya]

You discharged the debt (the promissory note). The lien (mortgage or deed of trust) survived. If you do not service the loan the lender may foreclose on the mortgage/deed of trust but cannot sue you for money.

Des.

[discouraged]

Thanks Des. After this horrendous rollercoaster ride, house being underwater and still needing work, unemployed with no job in sight, and the final realization that I had no choice but to bk, I am so thankful to be done with it all.

Sometimes I just curse my real estate agent as she knew what I was getting into, but maybe she didn't, who knows. I think back on the apartment I had for 550 a month and I was paying down my debts, but the economy whispered, You can get a house, and I listened.

THEN I became house poor and the economy collasped and my place of work 're-organized', and I was out of a job. If I had only stayed in my apt, I may have made it. I'll never know because I didn't do that, instead I bought this house which has eaten every money I ever made.

Oh well, I guess there is a lesson there somewhere.

[despritfreya]

If I had only stayed in my apt, I may have made it. I'll never know because I didn't do that, instead I bought this house which has eaten every money I ever made. Oh well, I guess there is a lesson there somewhere.

Yes, the lesson is. . . .

"Garbage happens, deal with it and move on."

Blaming yourself, or someone else for that matter, is not going to change the past. Aways look to the future.

Des.

[discouraged]

Actually, when I look back, I've had tremendous enjoyment fixing this place up, prior to being laid off. I would never have guessed that I could put up wallboard, create a closet and other spaces and gotten so much pleasure in finding these strengths that I never knew I had.

And, who would have guessed that the economy would get so bad? I still have hope that I will find a job, even at 57 and I guess I really wouldn't have changed the things I did. It was fun while it lasted.

[bcohen]

Thanks Des. After this horrendous rollercoaster ride, house being underwater and still needing work, unemployed with no job in sight, and the final realization that I had no choice but to bk, I am so thankful to be done with it all.

Sometimes I just curse my real estate agent as she knew what I was getting into, but maybe she didn't, who knows. I think back on the apartment I had for 550 a month and I was paying down my debts, but the economy whispered, You can get a house, and I listened.

THEN I became house poor and the economy collasped and my place of work 're-organized', and I was out of a job. If I had only stayed in my apt, I may have made it. I'll never know because I didn't do that, instead I bought this house which has eaten every money I ever made.

I remember back in 2007 when I moved to Arizona, and several of the men I worked with were telling me how real estate is a "can't lose" investment and that I'd be "throwing my money away" if I rented. In fact, one of my co-workers was married to a real estate agent, and he was constantly telling me how I should buy a so-called "condominium"--which was really just a used apartment that had undergone minor cosmetic upgrades--so that I could build equity and enjoy the "security" of owning my own home.

However, I talked with my dad, who agreed with me that housing costs were too high compared to peoples' real incomes and that prices would eventually have to come down--way down. Also, I would never--out of principle--buy anything where I have to belong to (and pay for) and association. My dad also agreed that when you buy into an association, you are essentially renting the home--except YOU get to pay for all the maintenence, repairs, insurance, and property taxes.

So I got the rental apartment instead, and I couldn't be happier. In 2007, I was paying $525 a month for a 1-bedroom apartment--with all the utilities included--and even now, I am paying only $540. It has only gone up $5 a year! I am sure that the mandatory HOA membership at a "condominium" development would have increased much more than that, plus there would probably be special assessments and other fees that I'd have been stuck with.