Hi and thank you for reading..I can only afford to pay my first mortage.... my second I can not afford as my husband job pay has been cut in 1/2...What should I expect?? Both the first & second are with GMAC would gmac put a lien on the home and let me continue to pay the first OR are they more likely to just blow the whole loan up and say forclose on me and they get nothing??? I would think by me paying the first they are getting over $1000 a month the second is $630.
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They already have a lien. If you stop paying, at some point they will foreclose. It could be as soon as your state allows or it could be years down the road.
If you file a chapter 13 bankruptcy, you can strip off a second mortgage.
If you file a chapter 7 bankruptcy, you can discharge the debt but the lien will remain. Some people file chapter 7 and then work out a deal with the lender for 5-10% of the original second mortgage amount. I believe the second lender has more motivation to work out a deal when they're not in first position as GMAC is in your case.
Not sure if you could do a loan mod. I don't know anything about them. Might be worth looking into. Hopefully someone else will post who can advise you further on that.
Welcome to the forum.
There are two secrets for success in life:
1.) Never tell everything you know. -
The key questions here are:
a) The value of the house at current (subdued) market
b) The amount owed.
It's not about what you can afford to pay as much as it's about what you can do to prevent GMAC from foreclosing on you.
That's why we need the aforementioned info.
Good luck.No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you.Comment
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Hi my first mortage with gmac is $119,000
my second with gmac is 90,000
The house value is about $215,000..... I filed chapter 7 two years ago...My husband has not he stopped paying credit cards 1 year ago we consulted a attorney for him who adviced us a chapter 13 but since then it has been a downward slide we would not have enough $ to repay a 13. So here we stand just barely can pay the first I just need to get some advice please help and share your thoughts...Thank you so much.Comment
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chances of foreclosure are near 100% unfortunately since you have enough equity to cover the mortgages - and given both are with GMAC... its a positive on their end (sorry...) since they'll recoup close to everything.
Since you already filed Ch. 7 - the question is did you reaffirm your mortgages when you filed? If so, then you're on the hook for the entire amount - if not...then you can walk away. It sounds as if perhaps you should've let the house go and rent something more affordable for you.Comment
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Yes I did reaffirm the debt..BUT My husband did not go bankrupt I was a single filer...Could he go chapter 7 and let the house go? Do any of the members have luck with doing a modification? I live in Florida and have neighbors that have not paid the mortage for 2 years does this sound like the normal?Comment
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If your husband were to file and get a discharge in Ch. 7, GMAC could still come after you for any deficiency incurred.
You might get to be one of the very few people who got the loan mods to work for them.
Otherwise, things don't look to good right now I'm sorry to say.
The very best of luck to you.No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you.Comment
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Are you sure you reaffirmed? There is a difference between indicating "reaffirm" on the Statement of Intentions as part of your bankruptcy filing and actually signing a reaffirmation agreement.
If you merely indicated "reaffirm" on the SOI and an agreement was not filed with the court, you have options - your husband's bk would absolve him and then the two of you could walk away hand-in-hand into the sunset.
Worthwhile to check your case on PACER and see if the reaffirmation agreement is there.There are two secrets for success in life:
1.) Never tell everything you know.Comment
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I will check pacer...Spoke with a attorney today...Yes husband could do BK I will get sued but he said basically you have NOTHING you dont work, there is not a whole lot they can get from me. Thousands & Thousands of people have forclosed for the reason of no money!!! Poeple ususally don't forclose because we have lots of funs & assets this is not the case here. He also said it is money & assets they go after if you don't have either then not to get yourself sick over this. He did feel if I could pay the first this may keep the dogs off and they may feel hey they are getting money at least and go ahead and sue me for the second put a lien on the properrty and at least have us in the house paying the first??????? What are you feelings on this????? Also pointed out if the worst case I could do chapter 7 in 6 years and wipe this clean. We will weather this storm and get it figured out. Thank you for all your help..Comment
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they already HAVE a lien on your property - two of them (1st & 2nd) so there wouldnt be "putting another lien" on it. As far as foreclosure goes, you do not have to have funds / assets in order for a lender to foreclose on you; you have equity at the moment to cover both 1st & 2nd mortgages. To top it all off, both are with the same lender, so foreclosure is high at this point as stated previously. It wont really matter if you pay the 1st at this point, and ignore the 2nd. Why? Because you have equity and again, are with the same lender. You'll pretty much be throwing away $ at that point unless the lender is willing to work with you.
You can read more on how foreclosure works in FL here
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Hi I did read the article thank you...My question is this would they put a deficiency judgment on me if there is no deficiency? the article states just because you forclose doesnt always mean the will pursue a judgement. And is the lender more apt to work with me or not? At this point my husbands work is 7 days behind in payroll checks and that is my mortage payment so I may not even have it.. Thank youComment
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THIS COULD BE GREAT NEWS!!!!!!!!! As to the reaffirm of my mortgage that the members have asked..This is what I found out on pacer....... On the form- Chapter 7 Individual DEBTORS OF INTENTION there are 2 things listed in the section 1. My car & 2. My Home.............When I went to pacer and looked under the documents there is ONLY ONE signature of Reaffirmation agreement for my Vehicle....I NEVER SIGNED ONE FOR THE MORTAGE... So I called my attorneys office and explained to the lady and she said yes the box is checked but if you did not sign a separate form then you are not liable. This is great news could this form be hiding any other place for me to look for...Thank you JesusComment
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Nope. A reaffirmation agreement has to be filed with the court prior to discharge in order to be enforceable. You are free. Happy for you.Originally posted by missemo12345 View Post
There are two secrets for success in life:
1.) Never tell everything you know.Comment
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Just sat down with a attorney and yes I am off the hook!!! Thank you Debee it was YOU who made me look further on pacer that is when I noticed all my forms and the Car reaffirmation was there and not a form for the Mortgage. Thank you again...Comment
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glad to hear the paperwork wasnt signed Now you need to figure out if hubby is going to file so since he is still on the hook; decide whats best for you / your family re: renting a cheaper place, weighing out everything prior to.
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