Comments on: Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/ Loan Modification & Home Loan News Fri, 20 Nov 2009 12:55:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Gregory Gibbons http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-15219 Gregory Gibbons Sun, 14 Jun 2009 00:13:16 +0000 http://loanworkout.org/?p=1065#comment-15219 In NY, is it possible to have my first (and only) mortgage (a HELOC) discharged in a bankruptcy ? In NY, is it possible to have my first (and only) mortgage (a HELOC) discharged in a bankruptcy ?

]]> By: Rafael http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-13351 Rafael Wed, 25 Mar 2009 03:09:18 +0000 http://loanworkout.org/?p=1065#comment-13351 I have a first with country wide and second morgage with bank of america. I filed a chap 7 bankruptcy on 12/08 and was dischared 3/09. My first loan balance is 291k home value 258K. Second mortgage 168k. I am past due 2 months on my first and second mortgage. Do I qualify for a chapter 13 to wipe out of the second mortgage? I have a first with country wide and second morgage with bank of america. I filed a chap 7 bankruptcy on 12/08 and was dischared 3/09. My first loan balance is 291k home value 258K. Second mortgage 168k. I am past due 2 months on my first and second mortgage. Do I qualify for a chapter 13 to wipe out of the second mortgage?

]]> By: MyLee Huynh http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-13265 MyLee Huynh Mon, 23 Mar 2009 02:03:36 +0000 http://loanworkout.org/?p=1065#comment-13265 I am looking into chapter 13 to save my home and get us out of the water. We owed 1st mortage $615,000, 2nd mortg $240,000 current home value $850,000. Credit cards debt $50,000 all of this because medical bills and husband out of work for 4 years. April will be first month defaulting on both mortages. Will chapter 13 strip 2nd mortg? I am looking into chapter 13 to save my home and get us out of the water. We owed 1st mortage $615,000, 2nd mortg $240,000 current home value $850,000. Credit cards debt $50,000 all of this because medical bills and husband out of work for 4 years. April will be first month defaulting on both mortages. Will chapter 13 strip 2nd mortg?

]]> By: Kathy http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-13044 Kathy Tue, 17 Mar 2009 16:11:15 +0000 http://loanworkout.org/?p=1065#comment-13044 I'd say while the rate sucks take the rate only if they give you the principal reduction. Then when things are better get out from under. Stay out of banko if you can. Unless you have to wipe out other debts that would make it difficult to keep the paymnts up once you've modificed them...In this case I'd do a chp 7 if I was current on mortgage...Just my 2 cents... I’d say while the rate sucks take the rate only if they give you the principal reduction. Then when things are better get out from under. Stay out of banko if you can.

Unless you have to wipe out other debts that would make it difficult to keep the paymnts up once you’ve modificed them…In this case I’d do a chp 7 if I was current on mortgage…Just my 2 cents…

]]> By: Kay Ward http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-13032 Kay Ward Tue, 17 Mar 2009 02:08:54 +0000 http://loanworkout.org/?p=1065#comment-13032 We purchase our home in May 2006 when my husband's employer relocated us to California. We have a 1st and 2nd secured by our home and a not to employer for a 3rd that was secured by "future earnings" due in 5 years,for the downpayment where they requested to be 3rd on deed but never filed it. The employer fired my husband due to economy in March 2008 and said they would expect payment on note inside the time frame of the note agreement. My husband has finally found employment again but we cannot afford the house at these payments and have been trying to work with Mortgage Services with note owned by Wells Fargo since November of 2008. We have been turned down previously for loan mod. and not have another packet they have been reviewing since January while keeping the forclosure going. I have not received any official notices but call 2X a week getting a different person each time. Tonight I FINALLY recieved a call from person who had the house appraised for a short sale and then was surprised we wanted a loan mod. The house we purchased for $1.2M is now worth $790K and we owe $1.1M with the 3 loans. The rep is going to submit another loan mod but wants 1 month and bring current scenario with no interest rate lowering...we are at 6.8%. I feel we shoudl file bankruptcy so we can take the big hit once and for all and maybe "cram down" the loan so we can keep the house. Any advice? We purchase our home in May 2006 when my husband’s employer relocated us to California. We have a 1st and 2nd secured by our home and a not to employer for a 3rd that was secured by “future earnings” due in 5 years,for the downpayment where they requested to be 3rd on deed but never filed it. The employer fired my husband due to economy in March 2008 and said they would expect payment on note inside the time frame of the note agreement. My husband has finally found employment again but we cannot afford the house at these payments and have been trying to work with Mortgage Services with note owned by Wells Fargo since November of 2008. We have been turned down previously for loan mod. and not have another packet they have been reviewing since January while keeping the forclosure going. I have not received any official notices but call 2X a week getting a different person each time. Tonight I FINALLY recieved a call from person who had the house appraised for a short sale and then was surprised we wanted a loan mod. The house we purchased for $1.2M is now worth $790K and we owe $1.1M with the 3 loans. The rep is going to submit another loan mod but wants 1 month and bring current scenario with no interest rate lowering…we are at 6.8%. I feel we shoudl file bankruptcy so we can take the big hit once and for all and maybe “cram down” the loan so we can keep the house. Any advice?

]]> By: Angela Brown http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-12664 Angela Brown Sat, 07 Mar 2009 19:21:33 +0000 http://loanworkout.org/?p=1065#comment-12664 I am quite desperate. I have a first with aurora Loan and second morgage with HomeComings Financial. I have tried to get a loan modification with no luck let alone a offer. I would like to know if a chapter 13 bankruptcy is for me. My first loan balance is 318k home value 190k. Second mortgage 50k. Ater paying for 5yrs ontime. I have not paid since November. I really want to keep my home. If I could just get the payments reduced I could do this for 30yrs. My other debt is about $300mo.. I am quite desperate. I have a first with aurora Loan and second morgage with HomeComings Financial. I have tried to get a loan modification with no luck let alone a offer. I would like to know if a chapter 13 bankruptcy is for me. My first loan balance is 318k home value 190k. Second mortgage 50k. Ater paying for 5yrs ontime. I have not paid since November. I really want to keep my home. If I could just get the payments reduced I could do this for 30yrs. My other debt is about $300mo..

]]> By: C. Brunetti http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-12615 C. Brunetti Fri, 06 Mar 2009 00:21:37 +0000 http://loanworkout.org/?p=1065#comment-12615 We definitely qualify for ‘in over our head.’ My husband and I took out a second mortgage on our home to help pay for our kids’ college (having twins means have two tuitions for four years, at the same time!) My husband got laid off about two months ago and there is no way that we can handle one mortgage, let alone two. We don’t want to file for bankruptcy but we do not see any other option. Do we have to get some sort of Chapter 13 appraisal for our home in order to wipe out the second mortgage? We definitely qualify for ‘in over our head.’ My husband and I took out a second mortgage on our home to help pay for our kids’ college (having twins means have two tuitions for four years, at the same time!) My husband got laid off about two months ago and there is no way that we can handle one mortgage, let alone two. We don’t want to file for bankruptcy but we do not see any other option. Do we have to get some sort of Chapter 13 appraisal for our home in order to wipe out the second mortgage?

]]> By: Annmarie Fontanez http://loanworkout.org/2008/10/principle-reductions-wipe-out-your-2nd-mortgage-with-bankruptcy/#comment-12581 Annmarie Fontanez Wed, 04 Mar 2009 18:41:19 +0000 http://loanworkout.org/?p=1065#comment-12581 I am quite desperate. I have a first with aurora Loan and second morgage with Countrywide. I filed a chap 7 bankruptcy on 8/08 and was discharge 1/09. My first loan balance is 297k home value 388K. Second mortgage 100k owe 103k after paying for one year. Have not paid since bankruptcy began to present. Do I qualify for the wipe out of the second mortgage due to the bankruptcy? I am quite desperate. I have a first with aurora Loan and second morgage with Countrywide. I filed a chap 7 bankruptcy on 8/08 and was discharge 1/09. My first loan balance is 297k home value 388K. Second mortgage 100k owe 103k after paying for one year. Have not paid since bankruptcy began to present. Do I qualify for the wipe out of the second mortgage due to the bankruptcy?

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