i have a second mortgage with ditec thats 100 percent underwater and a 1st that 50000 dollar under water,Ive been paying the first on time,The second is 2 months behind.Is enybody else in the same situation and do you think ditec will forclose with nothing to gain
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I had that situation, but ended up filing Chapter 13 and stripping the second mortgage anyhow.l
If it's a DITECTH home equity loan, they probably won't foreclose... especially since it's worth nothing.
They may assign it to a Collection Agency or sell it to a Junk Debt Buyer (JDB) and/or write it off and send you a nice Tax burden (aka the dreaded 1099-A or 1099-C).
Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
mortgage
if i bankrupt it im not liable for taxes "right" Also whates the timeline before they send me a 1099.I was going to bankrupt the second mortgage but i want my tax return before i declare bkComment
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