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Tag Archives: second mortgage

Will Our Second Mortgage Vanish After Our Chapter 13 Bankruptcy? – Lisa

Mature woman confused

“Dear Steve, My husband and I filed a CH13 in efforts to save our home. 2nd mortgage was stripped and court. 4 months into bankruptcy, trustee felt we could pay 100% of debt which we would be paying a lot more than what we were originally paying overall. We pulled out of BK and got a modification for our home. ... Read More »

What Will Happen When if I Stop Making the Second Mortgage Payments? – James

umbrella

“Dear Steve, We currently have a first and second mortgage. The first Mortgage is with Citi Bank and we owe about 160,000. The second is with America Servicing Company which is a subsidiary of Wells Fargo. We owe 140,000. The house is probably worth about 300,000 give or take. We are having a problem making the second mortgage payments. I ... Read More »

The Bank Won’t Modify Our Second Mortgage After a Job Loss. – Laura

justball-144x125

“Dear Steve, I am on disability. My husband lost his job in July. We are living on disability and unemployment checks and have a greatly diminished income. Our bank, Wells Fargo, will not work with us on loan modification. We have a primary loan of $315K at 2.85%. Our second mortgage is for about $66K and is at 8.19%. We ... Read More »

Will My Mortgage Company Force Me Into Bankruptcy? – Dena

justball-144x125

“Dear Steve, I divorced last January. My house had 3 liens from my x-husband’s company so I chose not to keep the house but to let it go into foreclosure (he filed bankruptcy). The house had 2 loans, one for $140,000 and a junior for $35,000. The house went to auction this last August which covered the first loan. The ... Read More »

I Would Like to Try and Settle My Wells Fargo Underwater Second Mortgage. – Tom

justball-144x125

I bought a condo in 2006: Bought a month later by Wells Fargo. 196K 80/20 Loan 80: 156K Interest only 15yr then interest kicks in 20: 37K Interest only Balloon payment at the end of 15yr. The condo is maybe worth 105k There are 3 short sales ranging from 89K-115K some have been on the market foe well over a ... Read More »

Can I Get a Mortgage Release for My Second Mortgage if I Settle It? – Patricia

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“Dear Steve, I owe on 1st mortgage more than the assessed value of the home. I had a 2nd mortgage like the HELOs you talk about-revolving credit loans. I defaulted on the 2nd but the company did not foreclose probably because of the value of property. I now received a settlement offer from a collection agency for about 25% of ... Read More »

Debt Relief Law Center Attorney Takes Cash to Modify Mortgages and Gets Disbarred Instead

A Los Angeles attorney accused of misappropriating $1.1 million from 10 clients has agreed to be disbarred, the State Bar announced Wednesday. In one of the largest misappropriation cases ever handled by the Office of Chief Trial Counsel, Vafa Allan Khoshbin [bar# 165486], 52, had promised clients he could get their first mortgages modified and their second mortgages settled for ... Read More »

What is the Best Way to Stay in Our Home; Foreclosure or Short Sale? – Marc

justball-144x125

“Dear Andy, We (my wife and I) have been in our home for 7 years. We are current on our payments on both our first Loan of +/- $370k (5 year ARM tied to LIBOR) and our Second loan of +/- $75k with Citibank. We paid $499k for our home with only $15k down. Our home lists on ZILLOW (as ... Read More »

Can Specialized Loan Servicing 2nd mortgage note foreclose on me? – Belinda

justball-144x125

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 back in September. Question: can ... Read More »

Should We File a Chapter 7 and Chapter 13 Bankruptcy to Save Our Home? – Tom

justball-144x125

“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 house because we have sank ... Read More »

Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs

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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 property, it didn’t make much ... Read More »

Can My Second Mortgage Company Foreclose on Me? – Sharon

justball-144x125

“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 is 182,000 2nd 30,000 Can ... Read More »

Do I Have to Pay My Second Mortgage Home Equity Loan After My Bankruptcy? – Julie

justball-144x125

“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 have zero balances on both ... Read More »

We Can’t Afford Both of Our Mortgages, What Should We Do? – AR

justball-144x125

“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 work. We have business that ... Read More »

I Had a Foreclosure And They Only Took Away My First Mortgage. – Ana Maria

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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 bankruptcy ? Do i have ... Read More »

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