I am current on both of my mortgages at the moment, but it is a struggle. I owe approximately $160,000 on the 1st and $40,000 on 2nd. House is worth $120,000. If I stop paying the 2nd, will the bank move to foreclose even if there is no equity? If anybody has any experience with bank of america specifically, I would like to know the outcome as well. I am considering chapter 13 to attempt to have it stripped, but just wanted to know if I would be forced into the 13 anyway when I stop paying.
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If the lender on the first is a different lender, then Bank of America is very unlikely to foreclose. They won't get anything out of it. If Bank of America is the lender on both mortgages, they probably will foreclose if you default on the 2nd. But, it will probably take them a while to do so.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent! -
I have 2 loans with BAC....the first was permanently HAMPED May 2010...I stopped paying on the 2nd in July 2010...while they took me through a whirlwind to modify the 2nd...which to date never happened... I owe $619,000 on the 1st and $129,000 on the 2nd...home is now worth $525,000 (maybe less).
Have not heard from BAC since early 2011...filed Chapter 7 October 28th 2011...looking to be discharged this week (Feb 2012)...did not re-affirm either loan. Still paying on 1st loan and it is current. BTW, I live in Virginia.
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