We finally filed Ch. 7 on Monday. We are about 1.5 payments behind on the 1st and 2 payments behind on the 2nd mortgage. Our home is upside down by about $50k or so, the 2nd mortgage is worth $70k. We can't catch up on these both at the same time, I'm assuming it's wiser to pay the 1st before the 2nd, since the 1st is probably a lot more likely to enforce their lien. Am I right?
-
-
You most certainly are correct. Pay the first and tell second to...
Pound sand, of course...
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. -
Yes, pay the first.Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
0% payback to unsecured creditors, 56 payments down, 4 to go....Comment
-
I agree, pay the 1st over the 2nd, however before you go and do so - are you keeping the house & in the long term - can you afford to keep the house? If not, then IMO you'd be throwing $ down the drain. Remember the 2nd can foreclose at any time regardless if upside down or not (but it'd be stupid for them to do so....)Comment
-
It is either pay first, or pay neither. There is never any benefit to only paying the 2nd.Comment
Comment