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 … Read more

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

The debt settlement strategy has generally been limited to negotiating 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, … Read more

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 … Read more

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 … Read more

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 … Read more

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 … Read more

We Used to Run a Daycare Business in Our Home And Then It Was Foreclosed On. – Caroline

Caroline “Dear Steve, We used to own a home with a 1st and 2nd mortgage. Because we were unable to keep up with the mortgage payments after our in-home daycare business closed, our home was forclosed in June 2008 and was sold in auction for about the same amount as our 1st mortgage I also … Read more

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. … Read more

I’m Divorced and Confused By a Demand That I Pay on an Old Mortgage. – Stephanie

Stephanie “Dear Steve, My husband and I divorced over 10 years ago, when I sold our house it wasn’t enough to pay off the second mortgage, and since they had messed up in the paperwork they signed off and the sale of the house and we assumed the loan. I never signed a new contract … Read more

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 … Read more

Our Home is Currently Worth Less Than We Owe On It. – Chris

“Dear Steve, Our home is currently worth less than what we owe on our first mortgage. We purchased our home in 2003 and it was valued at $224K. Our mortgage broker, who we believed was a friend, took us sub-prime when we would have qualified for FHA or Fannie Mae we later learned. Our interest … Read more

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 … Read more

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. … Read more

David Writes In “I Have No More to Give”

David wrote me through the GetOutOfDebt.org site to ask his question below. You can too! “Dear Steve, I have about $20,000 in credit card debt. 4 cards that I’ve transferred balances to, each with a rate of 2.99 to 3.99% interest for life of the loan. Each monthly minimum is about $110.00. I have no … Read more