Why Do We Still Have a Lien Against Our Home for a Second Mortgage Included in Bankruptcy? – Nichole

Question: Dear Steve, We filed bankruptcy in 2009. Never reaffirmed 1st or 2nd. We were under the false assumption that or second was eliminated by chapter 7. We have not heard from 2nd mortgage company in seven years and are trying to refinance. Can not do this because 2nd is still there. We now have … Read more

An Old Second Mortgage Holder is Now Suing Us Over a Foreclosed Property

Question: Dear Steve, Back in 2007 we had some investment properties, some we did short sales and one of them went into foreclosure; this one in the state of KS. The foreclosure took place in late 2008 or 2009. We received a letter from an attorney stating that his client may choose to take legal … Read more

Can I Settle My Second Mortgage Without a Tax Liability? – Ellie

Question: Dear Steve, I have lived in my house for 16 years. Due to various circumstances, I have fallen behind on mortgage payments. My primary lender has filed for foreclosure as a result. My home is currently listed for sale. I have a smaller second mortgage with Chase that was a piggyback loan on a … Read more

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

“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 … Read more

My Chase Bank Second Mortgage Was Discharged in My Bankruptcy and Charged Off

“Dear Steve, Current on my first, discharged both 1st and 2nd mortgage in chapter 7, Chase charged off my 2nd, I have the money to pay Chase and bing my loan out of default. Since they charged off my loan they will not cure the default. I received a letter on 3/1/13 saying I had … Read more

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

“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 … Read more

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

“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 … Read more

I’m Thinking of Filing a Chapter 13 Bankruptcy to Strip Second Mortgages on Two Homes – Rey

“Dear Steve, I own two properties one is a single family home which is our primary residence and the other is an income property. Both houses have a second loan. The second loan in the income property is for $175,000.00 founded through a private lender with a high interest rate. I owe about $65,000.00 on … Read more

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

“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 … 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 … Read more

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

“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 … Read more

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 … Read more