Tag Archives: second mortgage
- Can Specialized Loan Servicing 2nd mortgage note foreclose on me? – Belinda
Hi I have a first mortgage with BOA @ 110,000 a second with Specialized Loan Servicing @ 26,000 I owe more than the house is worth. Todays market value is 108,000. I am in the middle of a modification with BOA been going through it for almost 18 months… I stopped paying my second note [...]
- Should We File a Chapter 7 and Chapter 13 Bankruptcy to Save Our Home? – Tom
“Dear Lewis, I live in Nevada, the highest unemployement in the nation. Both wife and myself have been laid off. I was laid off Feb this year and my wife Feb last year. We have a stack of collection accounts and we have not paid our mortgage in a year. We want to keep our [...]
- Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs
The debt settlement strategy has generally been limited to negotiation of unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess [...]
- Can My Second Mortgage Company Foreclose on Me? – Sharon
“Dear Andy, Purchased home in 2005 in Michigan with a 1st and 2nd mortgage with same lender. Modified the home became delinquent again modified. now 1st is current and 2nd has been charged off. was offered a settlement but did not have cash on hand. what should we be worried about. can second foreclose 1st [...]
- Do I Have to Pay My Second Mortgage Home Equity Loan After My Bankruptcy? – Julie
“Dear Lewis, I filed Ch. 7 bankruptcy last year. I did not file on my 1st home mortgage or my 2nd mortgage – home equity loan and chose to continue paying them. I never signed any reaffirmation statements after the bankruptcy. Recently my loan officer pulled my credit and saw that my reports show I [...]
- We Can’t Afford Both of Our Mortgages, What Should We Do? – AR
“Dear Steve, We have a 1st & 2nd on our home. The 1st is for 124K with Citimortgage, the 2nd is a home equity line of credit with Bof A for 250k due in 2015. Our home is now worth approx 220k. My husband has was unemployed for the last 2 years. Recently back to [...]
- I Had a Foreclosure And They Only Took Away My First Mortgage. – Ana Maria
I had a foreclosure and they only take the first mortage and now after a year they want to pay them the second one, whhy? i dont have a home any more!i have debts in credits card and loans about 50,000.oo i live in Ca. What can i do, do i have to go to [...]
- Scott Writes Me and Asks For Help – “We Are Behind And Overwhelmed”
Scott wrote to me at GetOutOfDebt.org and asked me the following question. If you have a question you can visit GetOutOfDebt.org and ask for my free help also. “Dear Steve, We have too many bills and not enough money. We owe $30,000 in debt besides my mortgage. We are behind about 1-2 months are most [...]
- We Used to Run a Daycare Business in Our Home And Then It Was Foreclosed On. – Caroline
Caroline wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
- What Happened to My Second Mortgage. Where Did It Go? – Eric
“Dear Steve, Had a hardship in ’07 (layoff) which put us into a tailspin for two to three years. Just got a good job this last month and got my first mortgage back in order through the HAMP program. Meanwhile, about two months ago, CitiMortgage got a summary judgment against me for the 2nd mortgage. [...]
- I’m Divorced and Confused By a Demand That I Pay on an Old Mortgage. – Stephanie
Stephanie wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
- What You Need to Know Before You Refinance Your Home to Pay Off Debts
Consolidating your debt with the equity in your home can be a terrific money-saving strategy. The interest rate may be much lower than you’re paying on your other bills and, if you itemize on your tax return, you can usually deduct the interest you pay – making the effective rate of the loan even more [...]
- Our Home is Currently Worth Less Than We Owe On It. – Chris
Chris wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
- Did You Get Foreclosed on With a Second Mortgage or Home Equity Loan? I Knew This Was Going to Happen.
If you or someone you know got foreclosed on and had a second mortgage or home equity loan, watch out! People who were foreclosed on may think their debt problems are now behind them but second mortgage holders are not taking this lying down. In a move to attempt to recover money lost in the [...]
- Would We Be Better Off Now Worrying About Our Second Mortgage? – Justin
“Dear Steve, I’ve been to my 3rd lawyer about BK. This is the one I used 10 yrs ago for my 1st BK. His fee is $2800 for a chap 7, $1k to retain him. I asked him if it would be better w/chap 13 since than I can get rid of my 1st mortg. [...]