Howdy everyone. Thought I'd get your opinions on my situation...
I have 1st/2nd mortgages w/ CitiMortgage. The house is worth ~300k, the mortgages are for 354k and 85k. It was originally purchased for 442k. I paid the Jan 2010 payments for both but haven't paid anything since then. I did this for two reasons: 1) We are filing Ch 7 in July and intend on NOT reaffirming the house as it is so upside down and it needs about 30k in repairs. 2) We want/need our loans modified if we are to remain in this house.
Today, I received a NOD/Pre-Acceleration Warning letter from Citi on the 2nd. What do you think about this? Just a bluff? I'm not real concerned about it as I'm filing in a few weeks here & realize that I could end up being forced to move at some point.
I applied for loan mods on both loans within the last couple of months but haven't received the offers from them yet. I was told over the phone that the 2nd had been approved (2% for the life of the loan which is down from 7.770%, no extension in terms, late payments/fees wiped off) but I had to make a payment on it within 7 days. I told them I was NOT willing to do this until I found out about the first. I don't want to throw away money on something that I may lose anyway. They got ticked off and told me my file was going to be closed and I would have to refile. Ho-hum.
How would you approach this entire situation w/ our soon to be filed CH7 case? Would you refile for a loan mod (in-house) on the 2nd, knowing that it will get thrown out again b/c of the CH7, or just sit tight and wait until after the CH7 stuff gets finished up?
-AA
I have 1st/2nd mortgages w/ CitiMortgage. The house is worth ~300k, the mortgages are for 354k and 85k. It was originally purchased for 442k. I paid the Jan 2010 payments for both but haven't paid anything since then. I did this for two reasons: 1) We are filing Ch 7 in July and intend on NOT reaffirming the house as it is so upside down and it needs about 30k in repairs. 2) We want/need our loans modified if we are to remain in this house.
Today, I received a NOD/Pre-Acceleration Warning letter from Citi on the 2nd. What do you think about this? Just a bluff? I'm not real concerned about it as I'm filing in a few weeks here & realize that I could end up being forced to move at some point.
I applied for loan mods on both loans within the last couple of months but haven't received the offers from them yet. I was told over the phone that the 2nd had been approved (2% for the life of the loan which is down from 7.770%, no extension in terms, late payments/fees wiped off) but I had to make a payment on it within 7 days. I told them I was NOT willing to do this until I found out about the first. I don't want to throw away money on something that I may lose anyway. They got ticked off and told me my file was going to be closed and I would have to refile. Ho-hum.
How would you approach this entire situation w/ our soon to be filed CH7 case? Would you refile for a loan mod (in-house) on the 2nd, knowing that it will get thrown out again b/c of the CH7, or just sit tight and wait until after the CH7 stuff gets finished up?
-AA
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