My second lienholder sent me

[secondtimer]

a modification agreement that is a 5 yr mod.

$0.00 a month for 5 years and then it resets to original rate and payment.

Although this will buy me some time, after 5 yrs the house will again be unaffordable.

I'm wondering if I execute this loan mod there won't be any way to default during the mod term if I can't keep the house.

My first lienholder has offered me a 5 yr mod that reduces my payments.

I guess I can default on the first to force a foreclosure should I decide not to keep the house.

[StartingOver08]

Did you file BK? Did you reaffirm your mortgages?

If you filed and did not reaffirm, why would you agree to a modification of the 2nd? I am assuming you are upside down in your house. A little more info would really help.

[secondtimer]

I'm waiting to file ch13 until I decide what I'm going to do with the house.
The plan would only pay my priority debts (taxes 10k) and all my unsecured (100k) will get discharged.

I've just started a new job and my employer has a rental property that I'm trying to incorporate into my compensation package. (i.e reduced rent in return for lower pay). I'm kinda nervous though in case I have a falling out with him. This is my second BK so I doubt I'll ever be able to get a mortgage again.

I was attempting to get my loans modified down to 31% of my income but I found out the servicers participation in that program is voluntary. If I can't get a permanent loan modification ( as opposed to the 5 yr one ) I'm thinking of letting the house go so I can get started on rebuilding my life. If I keep the house and the loans reset in 5 years it will again be unaffordable.

[StartingOver08]

If the modification is not a permanent one, then don't do it. Do what is best for you. Sounds like you need to surrender the house in BK anyway.Then allow yourself time to recover.

[frmrdwn]

I'm waiting to file ch13 until I decide what I'm going to do with the house.
The plan would only pay my priority debts (taxes 10k) and all my unsecured (100k) will get discharged.

I've just started a new job and my employer has a rental property that I'm trying to incorporate into my compensation package. (i.e reduced rent in return for lower pay). I'm kinda nervous though in case I have a falling out with him. This is my second BK so I doubt I'll ever be able to get a mortgage again.
I was attempting to get my loans modified down to 31% of my income but I found out the servicers participation in that program is voluntary. If I can't get a permanent loan modification ( as opposed to the 5 yr one ) I'm thinking of letting the house go so I can get started on rebuilding my life. If I keep the house and the loans reset in 5 years it will again be unaffordable.

What makes you say that? After 10 years the first bankruptcy falls off your credit report, right? Wouldn't it look like one bk for the next ten years after that? Seems like you could get a mortgage if you wanted one in 2 or 3 years.