1st mortgage solved, here is the deal on the second

[willsurvive]

Relief -

Let me get this right, you filed CH 7 and it's been discharged. Did you or did you not reaffirm the 1st or the 2nd? I'm assuming you want to live there and have negotiated the 1st, but what makes the 2nd willing to work with you? Is it not secured by the house?

Let me tell you my scenario. We owe $276,00 on the 1st mortgage (countrywide/fannie mae) and 33,600 (Chase/WAMU) on the HELOC. We filed CH 7 and it was recently discharged. WE are currently trying to negotiate a lower payment with countrywide (we did NOT reaffirm) and we are several months behind. The HELOC I haven't been paying on time either. Is there a way for me to negotiate with them? Like offer them 10% of the balance? For what it's worth, the home is probably valued at close or slightly below what we owe between the 2 mortgages. Thanks for your help!

[spidge]

I should know what my loan modification options are by next week on my 1st with CitiMortgage.

I am still in the negotiating stages with Citi on my HELOC. I offered them $12,000 to settle in full.

If I make this work - ME, ALBACORE & LIZ are going out for drinks.

[relief13035]

Yes I filed Chapter 7 in Oct. 2008 and was discharged 3/25/09. We did not reaffirm anything.

Both my 1st and my HELOC are with CitiMortgage. I am negotiating 2 different deals with them right now. I'm pretty confident that the 1st is going to go through.

I've made an offer to settle on the HELOC. All I can say is that they didn't say no yet, so I will keep at the wheeling and dealing.

[relief13035]

Opps - sorry. Drinks for all the BK forum members in the IE. OMG that would be a blast!

[albacore44]

Opps - sorry. Drinks for all the BK forum members in the IE. OMG that would be a blast!

Yeah, we can have a pool party at my house.......what a kick, a bunch of drunk broke bankrupted californians.

[eddiep]

Cut it out guys, you are making me wish I had a cc so I could fly out there for the party!

[relief13035]

Yeah, we can have a pool party at my house.......what a kick, a bunch of drunk broke bankrupted californians.

PRICELESS............I'll bring the limes

[onacliff]

relief ??????

Are you current with your mortgages or did you let them fall behind a little... We are in the same boat-- both mortg. with same bank and we are currently waiting discharge.. wondering if we should let them go neg. a little so we have better ability to negotiate... look forward to your response.

[eddiep]

I was current on my mortgage when we negotiated our modification.

[relief13035]

Are you current with your mortgages or did you let them fall behind a little... We are in the same boat-- both mortg. with same bank and we are currently waiting discharge.. wondering if we should let them go neg. a little so we have better ability to negotiate... look forward to your response.

I am current on my 1st with CitiMortgage. Right now (so I can play the settlement game) I am 2 months behind on my HELOC.

CitiMortgage called me this morning on my cell stating that they have submitted my HELOC proposal, along with my hardship letter, to the settlement negitiator.

Please check out the Obama plan on 2nd mortgages that came out today. It is encouraging.

[albacore44]

I am current on my 1st with CitiMortgage. Right now (so I can play the settlement game) I am 2 months behind on my HELOC.

CitiMortgage called me this morning on my cell stating that they have submitted my HELOC proposal, along with my hardship letter, to the settlement negitiator.

Please check out the Obama plan on 2nd mortgages that came out today. It is encouraging.

good luck..........I got my eye on you. I have Citi for my 1st. It is at 4.75% (was 7 yrs., 3 to go) int only option for 10. now when i took that out I thought it was a pretty good deal. but that was when my house was increasing by $200K a year. I would think they would eventually be calling me to beg me to modify, because a loan like that has got to look like a big liability on their books, now the property is upside down. but their gonna be pissed when I BK all their credit cards. we will see

[eddiep]

Please check out the Obama plan on 2nd mortgages that came out today. It is encouraging.

do you have a link to this information?

[relief13035]

do you have a link to this information?

eddiep - YOU are the one that pointed me in the right direction with the info you gave me in the PM you sent. I thank you so much for that.

Here's the link to the new info that came out today:

http://www.forbes.com/feeds/afx/2009/04/28/afx6349153.html

[eddiep]

Thanks relief!

It only makes sense to adjust the second as well. Hopefully this will help others stay in the homes!

[BKINAZ]

More info on the Obama 2nd legislation...

http://online.wsj.com/article/SB124091319810563169.html