top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Could this work?

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Could this work?

    I filed 10/08, lost my job 12/08, and had my 341 12/08, and I got a job that pays much less then my last one.

    I never signed a reaffirmation agreement on either of my mortgages which is with the same lender.

    Could it work if I write a letter stating what my

    A) House was worth XXXX when I bought it
    B) was worth XXXX when I took out a 2nd
    C) It is now worth XXXXX
    D) There are XXXX houses in foreclosure in my neighborhood alone
    E) There has been XXXX short/foreclosure sales in the past 18 months

    Then I ask for a new mortgage covering the old 1st and 2nd, for YYY amount (essentially forgiving the upside down portion)

    Otherwise I live rent-free 4-6 months, and wait out the course of the foreclosure.

    Could something this crazy work?
    Tags: None
    #2
    It's worth a try. However they may rewrite you two mortgages but forgiving the deficiancy is doubtful. You will also have to pay taxes on it if they were to lower your mortgage. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

    Comment

      #3
      Just keep in mind, there are record foreclosures because banks are STILL FORECLOSING.

      But, you can always make the offer. The people who get modifications are the ones that are most tenacious about pursuing it, so don't think you will get very far with a single letter...it will probably take you 4-5 phone calls to even figure out where to send it.

      Also, even if they re-wrote the mortgage, could you still afford the payment, with Principal, Interest, Taxes, and Insurance, would the payment be 31% or less of your gross monthly income, if the answer to that question is no, then don't waste your time.

      Comment

        #4
        Removed URL, unapproved website.

        The above link may have some mortgage related answers for you.
        Last edited by HHM; 03-29-2009, 01:19 PM.
        11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

        Comment

          #5
          Originally posted by HHM View Post
          Just keep in mind, there are record foreclosures because banks are STILL FORECLOSING.

          But, you can always make the offer. The people who get modifications are the ones that are most tenacious about pursuing it, so don't think you will get very far with a single letter...it will probably take you 4-5 phone calls to even figure out where to send it.

          Also, even if they re-wrote the mortgage, could you still afford the payment, with Principal, Interest, Taxes, and Insurance, would the payment be 31% or less of your gross monthly income, if the answer to that question is no, then don't waste your time.
          My first is @ 5.875 % and my 2nd is 7% and change (I forget)

          The balance on the first is around 90K, and the 2nd is around 40-45. The house is worth I think $120k, but I am awaiting a CMA to find out for sure.

          Since I did not re-affirm I believe I am not on the hook if I walk away now though.

          Comment

            #6
            If you walk away, you will not be on the hook.

            With that interest rate on the first, you can pretty much forget about a modification of the first, and unfortunately, the modification programs available do not work with 2nd mortgages.

            Comment

              #7
              Would it work to convert to a 13 (or would that make it a chap 20) since my Financial picture got worse after my file date? (Though I was laid off before my 341)

              Comment

                #8
                Convert to a 13 and do what?

                If you qualify for a 7, stay a 7. If you were laid off, you have no way to fund a chapter 13. Also, the only way to deal with mortgages in a chapter 13 is to strip off the second ONLY IF the home is worth less than what is owed on the first.

                A little dose of reality...you just got liad off, and your upside down on the house, you need to walk. You are grasping at straws.

                Comment

                  #9
                  I am pretty sure walking away is the correct decision.

                  Is it best to call the lender, and try for a cash for keys deal to save them the costs of the foreclosure, or do I simply wait it out as long as possible, and live rent free.

                  Also my 2nd is automatically taken out of a mostly dormant checking account. Should I simply pay the bounced check fee monthly, as I believe I can not cancel the auto debit?

                  Comment

                    #10
                    Originally posted by HHM View Post
                    Just keep in mind, there are record foreclosures because banks are STILL FORECLOSING.
                    This is totally off-topic, but I've got to say the quoted observation is just one example why I love to read HHM's posts.

                    Comment

                      #11
                      Originally posted by Argh! View Post
                      I am pretty sure walking away is the correct decision.

                      Is it best to call the lender, and try for a cash for keys deal to save them the costs of the foreclosure, or do I simply wait it out as long as possible, and live rent free.

                      Also my 2nd is automatically taken out of a mostly dormant checking account. Should I simply pay the bounced check fee monthly, as I believe I can not cancel the auto debit?
                      Call for the cash for keys deal - but they still have to foreclose - it is the only way to get rid of the jr liens on the property.

                      You are in a Ch 7, you can cancel the auto debit - you need to talk to the BK dept. Pay the bounced check fee so you do not end up on Chexsystems. (Or try to negotiate the removal of the fee since you are in the auto stay period).
                      Filed CH 7 9/30/2008
                      Discharged Jan 5, 2009! Closed Jan 18, 2009
                      I am not an attorney. None of my advice is legal advice in any way..

                      Comment

                        #12
                        Originally posted by StartingOver08 View Post
                        Call for the cash for keys deal - but they still have to foreclose - it is the only way to get rid of the jr liens on the property.

                        You are in a Ch 7, you can cancel the auto debit - you need to talk to the BK dept. Pay the bounced check fee so you do not end up on Chexsystems. (Or try to negotiate the removal of the fee since you are in the auto stay period).
                        I forgot to mention I already had my 341 and was discharged (though not closed, as I have to submit my tax forms)

                        Comment

                          #13
                          One thing to clarify on my BK forums I put down I intended to keep the house (I was employed at the time) However I signed no re-afirmination agreement.

                          Comment

                            #14
                            I love HHM too! Smart, straightforward! For some reason that picture of the drink makes me think "lawyer"

                            Comment

                            Previous template Next

                            bottom Ad Widget

                            Collapse
                            Working...
                            X